Mumbai: Shares of Mukesh Ambani led petrochemicals giant Reliance Industries rose to a new life-time high of Rs1,465 on 16 April, while taking the company’s market value to over Rs 2,00,000 crore.
RIL shares settled at Rs1,460, 3.5% higher at the Bombay Stock Exchange.
The gains in the shares of RIL, the country’s most valued firm, 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 as yet, Ambani said while inaugurating launch of polymer futures contract at India’s leading commodity exchange NCDEX.
Stock brokers said expectations that RIL might come out with strong earnings had triggered fresh spell of buying activity at the counter.