Shares of Mukesh Ambani-led Reliance Industries Ltd (RIL) today jumped to a record high of ₹1,576 apiece when they rose over 1%, pushing its market capitalisation closer to ₹10 lakh crore. The broader markets also hit a new high today, with Sensex crossing the 41,000 mark.
RIL shares have outperformed the market since the start of this year, surging nearly 40%. Investors were encouraged after Mukesh Ambani announced plans to cut the company’s net debt to zero in 18 months through measures including a stake sale in the oil-to-chemicals business to Saudi Aramco. Recently, its telecom arm Jio announced that it will increase tariffs in the next few weeks.
RIL operates the world’s biggest oil-refining complex in Jamnagar, Gujarat, which can process low-quality crude and turn it into higher-grade fuels, partly protecting it from volatility in prices.
