Mumbai: Shares of the Mukesh Ambani-led petrochemicals giant Reliance Industries Ltd (RIL) rose to a new lifetime high of Rs1,465 on Monday, taking the company’s market value to over Rs2,00,000 crore.
RIL shares settled at Rs1,460, 3.50% higher at the Bombay Stock Exchange (BSE). The gains in the shares of RIL followed a statement from the company chairman that it anticipates robust demand for petrochemicals over the next 12-18 months. The petrochemicals cycle has not peaked yet, Ambani said while launching the polymer futures contract at National Commodity and Derivatives Exchange Limited, India’s leading commodity exchange.
RIL is also the latest to join the bandwagon of firms rushing to allot stock options to their employees, an incentive frequently used to retain talent. The company said on Monday in a filing to the BSE that it has allotted 2.87 crore share options exercisable into equal number of fully paid-up equity shares to eligible employees under its Employees Stock Option Scheme (ESOP).
The ESOP of RIL would benefit more than 18,000 employees and is said to be the largest ESOP declared by any oil and gas company in the country.