Reliance Industry Limited’s (RIL) share price has hit the highest in the recent trading session, reaching Rs 2374.90 per equity share mark. Stock market experts scale it with a ‘buy’ tag, envisioning a further rise in the upcoming trade sessions. In a statement by Ravi Singhal, Vice Chairman at GCL Securities, four reasons that were highlighted for this exceptional rise were progressed in the Saudi Aramco deal, rise in Reliance Retail valuations by markets, expansion of Reliance Industries in the solar power business, and surge in Reliance Jio.
Ambani into 100 billion club
With this steady increase of 3.53 percent in the Bombay Stock Exchange and 3.62 percent in the National Stock Exchange, Ambani has entered the elite $100 billion club, with the company’s market capitalization of $218 billion marks. After RIL’s share prices skyrocketed, Mukesh Ambani became a major player in the Indian telecom market. The company plans to launch its new Jio smartphone in collaboration with Google on September 10, expecting around Rs 160- Rs 170 average revenue per user.
Ambani synced with the Prime Minister to invest Rs 75,000 crore in clean energy aiming to be the recent oil company to announce a mega push into renewables for resisting changes in the climate. Out of this, Rs 60,000 crore is for the Giga factories that produce modules, fuel cells, solar cells, and hydrogen, the remaining Rs 15,000 crore is for the development of future technologies, value chains, and partnerships. This new investment in India’s energy landscape may overtake Adani Green’s future plans of reaching 25 GW by 2025.
The sale of RIL’s minor stake in the oil-to-chemical business to Saudi Aramco will guarantee RIL with 1 percent equity in Aramco.
Reliance Strategic Business Ventures Ltd, a subsidiary of RIL, gained Rs 2.28 crore shares in Strand Life Sciences for Rs 393 crore. With further investments of up to Rs 160 crore by March 2023, Reliance Industry Limited plans to have 80.3 percent of equity share capital.