Reliance Industries shares post biggest one-day gain in 18 months | Techno Glob


Shares of Reliance Industries posted the biggest one-day gain since September 2020 in 18 months, as the index heavyweight rose more than 6% to reach 2,632 apiece in Friday’s BSE trading session. The jump in shares of the index major helped benchmarks rebound.

Billionaire Mukesh Ambani has profited from soaring global commodity prices triggered by Russia’s invasion of Ukraine, bolstering his fossil fuel credentials even as Asia’s richest men publicly push their pivots to greener energy. RIL stocks have gained around 9% in 2022 (YTD) so far, compared to an 8% drop in the benchmark Sensex.

RIL announced an increase of more than 22% in its profit in the fourth quarter to 16,203 crores thanks to exceptional oil refining margins, steady growth in telecommunications, digital services and retail.

The operating income of the conglomerate led by Mukesh Ambani increased by 37% to reach 2.11 lakh crore in the quarter ended March 31, 2022. It became the first Indian company to cross $100 billion in revenue in one year.

Q4 Jio telecom arm’s profit rose 24% on a stand-alone basis to reach 4,173 crores of 3,360 crores in the same quarter last year, thanks to a 20% increase in revenue.

Last week, a Reuters report suggested India’s biggest retailer Reliance could acquire dozens of smaller grocery and non-food brands as it aims to build its own $6.5 billion consumer goods business. dollars, as he plans to build a portfolio of 50-60 grocery, household and personal care brands within six months.

Nearly 60% of Reliance’s revenue comes from oil refining and petrochemicals, although the conglomerate has reduced its reliance on oil refining by diversifying into retail, telecommunications and technology.

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