Indian stock market gained over 1200 points yesterday as the stock of Mukesh Ambani-led Reliance Industries Limited touched record high levels. Reliance Industries opened at ₹2713.2 and closed at ₹2710.35 on Monday. The stock’s high for the day was ₹2905 and the low was ₹2713.2. Reliance saw a massive increase in its market cap on January 29 gaining by over 7 percent to be at 19,59,444.36 crore.
The stock spike marks the biggest rally in Reliance Industries in the last three years. In January alone, the company’s shares have seen a spike of 12 per cent. In the last three trading sessions, the stock has risen by 9 percent in the last three trading sessions.
The sharp rally also fueled a rally in the equity market as the BSE Sensex jumped 1,240.90 points or 1.76 per cent to settle at 71,941.57 and the Nifty climbed 385 points or 1.80 per cent to 21,737.60.
This comes as Reliance reported a net profit of ₹17,265 crore for the December quarter. The company’s Oil & Gas business reported record quarterly EBITDA with margin expanding to 86% from 70% last quarter. Emkay Global Financial Services noted, “Reliance reported largely in-line earnings during the third quarter of FY24. O2C and Jio EBITDA, both saw a slight miss on our estimate which was albeit offset by better Upstream (due to lower opex) and in-line Retail.”
