Ril hits fresh 52 week high, crosses rs 5 lakh crore milestone

RIL hits fresh 52-week high, crosses Rs 5 lakh crore milestone

STOCK MARKET NEWS - Reliance Industries hit its fresh 52week high on Monday, crossing the Rs 5 lakh crore marketcapitalisation for the first time in its trading history.

At 12:20 pm, the market-cap of the company stood at 5,05,970 crore.

The stock toppled Tata Consultancy Service (TCS) in terms of market-cap, gaining as much as 1.8% on the BSE. It has surged over 11% so far in July, and over 41% year-to-date.

Meanwhile, with market-cap of Rs 4,59,630 crore, TCS was trading 0.17% down at Rs 2,402 in the noon trade.

The oil-to-telecom conglomerate is slated to announce its earnings for the April-June quarter (Q1) on Thursday and hold its AGM the day after. Analysts expect the focus, both in terms of the June quarter numbers and the AGM, would be on the company’s telecom business Reliance Jio. CLICK HERE FOR THE FULL REPORT Brokerage Motilal Oswal Securities believes RIL may report a decline in its gross refining margin (GRM) in the June quarter.

"RIL is expected to report a decline in its GRM in the quarter, led by narrowing light-heavy differential and inventory loss of ~USD1/bbl. While we expect subdued profitability in the refining segment, petchem profitability is likely to increase YoY/QoQ, led by improved deltas and increase in petchem volumes," said Motilal Oswal Securities in a June quarter preview report.

GRM is the difference between raw crude price and total value of petroleum products produced by the refinery.

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ARTICLE SOURCE – BUSINESS STANDARD