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Shares of index heavyweight Reliance Industries Ltd (RIL) surged more than 4% to 2,654 apiece on the BSE in Tuesday's session, supporting the benchmark indices. The stock is just less than 100 away from its all-time high level of 2,750 it had hit in October last year. On the BSE, RIL's market capitalization stood over 17.96 lakh crore, nearing the 18 lakh crore mark.

Snapping four consecutive days of losing run, benchmark Sensex was trading in the positive on Tuesday, led by a strong buying support in Reliance Industries, ICICI Bank, and State Bank of India.

It has been almost a year since RIL outlined its foray into new energy solutions through four Giga factories - integrated solar photovoltaic factory, advanced energy storage, electrolyzers manufacturing facility, and fuel cells.

Brokerage and research firm Motilal Oswal in a recent report examined the prospects of these factories and highlight the various M&As that RIL has carried out in these areas.

RIL has taken a step further, by announcing its vision to replace fossil fuels used in the Jamnagar complex with renewables, thereby utilizing synthesis gas from its gasifiers to manufacture a host of organic chemicals, the brokerage highlighted. So far, the Mukesh Ambani-led conglomerate has invested 109 billion (including commitments) towards the new energy initiatives.

“A decade back, investors had concerns on investments of RIL in both Jio and Retail. However, RIL turned both the businesses around such that they stand as tall as the behemoth standalone segment in terms of EBITDA contribution. In fact, due to better prospects, Jio and Retail command a staggering two-thirds of the total valuation currently," the note stated.

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