Reliance Industries market cap crosses Rs19 lakh crore; stock hits 52-week high

27 Apr 2022 , 11:21 AM

Shares of Reliance Industries became the first Indian company to cross Rs19 lakh crore in market capitalisation of $250 billion. The stock hit a new 52-week high at Rs2827.10 on Wednesday.

So far this year, the stock has gained 17 per cent, while the one-year return on the stock is more than 40 per cent. The stock contributed 12 per cent to Nifty’s market cap weight and makes up 10 per cent of the earnings of the index.

On Tuesday, the company said in an exchange note that it has signed the formal Shareholder Agreement for the TA’ZIZ EDC & PVC project.

Reliance is India’s largest diversified conglomerate and a strategic partner with Abu Dhabi National Oil Company (ADNOC) and ADQ, an Abu Dhabi-based investment and holding company, in TA’ZIZ EDC & PVC, a world-scale chemicals development at the TA’ZIZ Industrial Chemicals Zone in Ruwais.

Further, the global brokerage firm Citi Research has increased the price target to Rs3,170 from Rs2,750 and further upgraded its rating to ‘buy’ from ‘neutral’ as it expects the company’s refining margins to hit new peaks.