Reliance Industries shares at all-time high after Nifty crosses 10,000 mark

With over Rs 5,30,000 crore, Reliance Industries is at an all-time high breaking the previous record of January 2008.

By: Express Web Desk | New Delhi | Published: September 14, 2017 4:05:36 pm
mukesh ambani, reliance industries, reliance Jio, reliance Jiophone, reliance jio shares, ril shares, nifty, reliance jio launch, reliance market value,  Mukesh Ambani Chairman, Reliance Industries. Express archive photo.

Reliance Industries shares hit an all time high, after Nifty crossed the 10,000 mark on Wednesday. With over Rs 5,30,000 crore, the company is at an all-time high breaking the previous record of January 2008.

According to Angel Broking with its current standing in the market Reliance Industries “is the most valuable company in India and that it has singularly driven the Nifty rally from 8,000 to 10,000.”

Reliance Jio is one of the prominent reasons behind this surge. RIL shares have been climbing high since the time the company’s chairman Mukesh Ambani launched Reliance Jio in Septemeber 2016. With its data-heavy price model, Reliance Jio acquired over 100 million subscibers in the first six months of its services. The shares saw another massive jump after its paid services were announced. With the launch of Jio phones, RIL is expected to grow more and “own the entire data ecosystem.” Reliance Jio Infocom which has taken the telecom sector by a storm, is said to be making its “steps towards $100 billion market cap target.”

Another reason for this spike, is the RIL’s ability to “consistently maintain its Gross Refining Margins (GRM)in the $11-12/bbl range.” This has given them an advantage of nearly $4-5 over the Singapore GRM benchmark. The margins were possible because of the integrated model that the company uses “extending from extraction to refining to downstream products like petrochemicals.”

The Nifty on Wednesday opened higher at 10,099.25 and moved in a range of 10,131.95 and 10,063.15 before ending at 10,079.30, a modest loss of 13.75 points, or 0.14 per cent.

For all the latest Business News, download Indian Express App