Mumbai: Reliance Industries shares are up almost 14% in the past month against 2.7% gains on
Reliance industries is firing on all cylinders because its petchem business is doing extremely well thanks to a spike in oil and gas prices where Singapore’s GRM is at an all-time high, according to a research analyst.
The switch from gasoline to oil also promotes higher diesel price differentials. Additionally, domestic gas prices are expected to rise sharply amid rising international prices,” another analyst said.
Reliance Jio to raise Rs 5,700 crore ahead of 5G spectrum sale
The oil-retail-telecom conglomerate’s consolidated net profit rose 35.6% sequentially and 41.5% year-on-year to Rs 18,549 crore in the quarter ended 31 December 2021.
Reliance operates four business segments: the Petroleum-Chemical (or O2C) business includes its petroleum refineries, petrochemical plants, and fuel retail business; retail that houses physical stores and e-commerce; digital services covering the Jio telecom branch; and new energy activities.
The refinancing of telecom spectrum liabilities has allowed the company to return to net debt. Its cash balance of Rs 241,846 crore was lower than gross debt of Rs 244,708 crore. The company had been net debt-free for a few quarters.