Reliance Industries shares post biggest one-day gain in 18 months
Premium- RIL shares have gained about 9% in 2022 (YTD) so far as compared to an 8% fall in benchmark Sensex
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Shares of Reliance Industries posted biggest one-day gain since September 2020 i.e., in 18 months as the index heavyweight rallied more than 6% to ₹2,632 apiece in Friday's trading session on the BSE. The jump in the index major's stock helped the benchmarks bounce back.
Billionaire Mukesh Ambani has been profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even as Asia’s richest men publicly push their pivots toward greener energy. RIL shares have gained about 9% in 2022 (YTD) so far as compared to an 8% fall in benchmark Sensex.
RIL reported over 22% surge in its fourth-quarter profit at ₹16,203 crore on the back of bumper oil refining margins, steady growth in telecom, digital services and retail business.
The Mukesh Ambani-led conglomerate's revenue from operations rose 37% to ₹2.11 lakh crore during the quarter ended March 31, 2022. It became the first Indian company to have crossed $100 billion revenue in a year.
The telco arm Jio's Q4 profit rose by 24% on a standalone basis to ₹4,173 crore from ₹3,360 crore in the same quarter last year, on the back of 20% rise in revenue.
Last week, a report by Reuters suggested that India's biggest retailer Reliance may acquire dozens of small grocery and non-food brands as it targets building its own $6.5 billion consumer goods business, as it plans to build a portfolio of 50 to 60 grocery, household and personal care brands within six months.
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Almost 60% of Reliance’s revenue comes from oil-refining and petrochemicals, though, the conglomerate has been reducing its dependence on oil-refining by diversifying into retail, telecommunications and technology.
