Reliance Industries Hits 52-Week High, Market Cap Exceeds Rs 19 Lakh Crore

Reliance Industries hits a 52-week high, with shares surging over 6 per cent on NSE, marking a record market cap exceeding Rs 19 lakh crore
Industrialist Mukesh Ambani of Reliance Industries Limited
Industrialist Mukesh Ambani of Reliance Industries Limited

Reliance Industries' share price reached a 52-week high on Monday, surpassing the market capitalization of Rs 19 lakh crore. The share price of the company surged by more than 6 per cent to reach a new peak of Rs 2,887 price level on the NSE.

On Monday, the company ranked among the top gainers on the BSE. From the beginning of the year, the share price of the Ambani-led firm has experienced a surge of nearly 12 per cent.

In the quarter ending December 2023, RIL announced a 9.3 per cent year-on-year growth in its consolidated net profit. Its net profit during this period reached Rs 17,265 crore.

It also witnessed a 17 per cent increase in its earnings before interest, taxes, depreciation, and amortization (EBITDA), reaching Rs 44,678 crore. This growth was primarily fueled by the retail and oil & gas segments.

The company's gross revenue rose by 3.2 per cent year-on-year to Rs 2,48,160 crore, primarily driven by sustained growth in consumer businesses in Q2FY24. The revenue growth was mainly attributed to the retail and oil & gas segments, whereas the revenue of the oil-to-chemicals (O2C) division declined due to scheduled maintenance and inspection shutdowns, as mentioned in the exchange filing.

On an annual basis, the shares of the conglomerate have soared to more than 22 per cent or 534 points on the National Stock Exchange.

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