Reliance Industries hits new high; stock surges 50% from 52-week low

Shares of Reliance Industries (RIL) hit a new high of Rs 1,031, up 1% on the BSE in intra-day trade on Thursday. The market value of the Mukesh Ambani-led RIL appreciated by 50% from its 52-week low of Rs 686 recorded on July 3, 2017 in intra-day deal.
In past one year, the stock outperformed the market by surging 45% as compared to 14% rise in the S&P BSE Sensex.

“RIL is among the top 10 global petrochemical manufacturers, and commands a share of over 30% in the domestic polymer market and about 50% in the polypropylene market. Its strong market position helps it operate its petrochemical plants at full utilisation and benefit from its large scale of operations and high level of vertical integration. These operating efficiencies support RIL's strong profitability in the petrochemicals segment,” CRISIL said in recent rating action.

RIL has recently commissioned the world's largest ethane cracker project, the final phase of its Para-xylene project, and started its Refinery off-gas cracker (ROGC) and downstream projects. These projects will add further value to the company's petrochemical business. Operating efficiencies will likely benefit from these projects, resulting in further integration benefits over the medium term, the rating agency said.