Reliance Industries scales fresh all-time high

Oil-to-telecom behemoth Reliance Industries (RIL) scaled fresh all-time high of Rs 1,011.70 in the afternoon trade on Thursday. The scrip has been on a rising spree since the beginning of the year, rallying over 10 per cent so far.

The company, owned by India’s richest person Mukesh Ambani, in April reported a net profit of Rs 9,435 crore for the fourth quarter ended March. It had posted a net profit of Rs 8,046 crore in the same period a year ago.

Reliance reported a record net profit of Rs 36,075 crore in financial year 2018, up 20.6 per cent. The revenues from operations in the fourth quarter were at Rs 87,227 crore against Rs 74,598 crore in the previous year.


RIL's telecom arm Reliance Jio's net profit rose 1.2 per cent to Rs 510 crore in Q4 and the revenue figure stood at Rs 7,128 crore.

The scrip was trading 0.78 per cent up at Rs 1,009.95 at around 2.40 pm (IST). Shares of the company opened at Rs 996.20 and touched a high and a low of Rs 1,011.70 and Rs 988.20, respectively, in trade so far. The BSE benchmark Sensex was down 133 points, or 0.37 per cent, at 35,605 at around the same time.

RIL is among the preferred stocks of brokerage firm Sharekhan. “Earnings of RIL have benefitted from higher petro chemical volumes with ramp-up of RoGC project and firm polymer deltas (PE and PVC) along with recovery in fibre intermediates deltas (PX and MEG) on sequential basis. GRM of RIL remained strong at $11 per barrel with premium of $4 to Singapore Complex GRM.”