Reliance Industries hits a fresh 52-week high today; details inside

Stock Performance

Reliance Industries Limited (RIL) which is majorly in the business of Oil and Gas hit back-to-back 52-week highs today at Rs 2,724.95, while its 52-week low stands at Rs 2,012.14. It opened at Rs 2,655.70 and closed at Rs 2,718.40, marking an increase of 2.58%. In today’s trading session, the NSE witnessed the highest volume of 1,18,61,842 shares exchanging their hands since December 1, 2023.

Recent Developments 

The recent surge in price came about due to the company’s new announcements for the project at the Tamil Nadu Global Investors Meet-2024 and the ongoing Vibrant Gujarat 2024. At the Tamil Nadu, Reliance chairman Mukesh Ambani announced to invest in renewable energy and green hydrogen. The company has tied up with original equipment manufacturers (OEMs) to supply green hydrogen. The first hydrogen internal combustion engine (H2ICE) technological solution for heavy-duty vehicles in India was revealed by RIL and Ashok Leyland in February 2023. A hydrogen bus was unveiled later that month by RIL and Olectra Greentech, a Megha Engineering and Infrastructures (MEIL) subsidiary.

Additionally, RIL has already made significant investments in Tamil Nadu, including the establishment of nearly 1,300 retail stores with an investment of over Rs 25,000 crore. Jio has invested over Rs 35,000 crore in the state, bringing the benefits of the digital revolution to 35 million subscribers. Furthermore, RIL has entered into partnerships with Canada’s Brookfield asset management and US-based Digital Reality to establish a cutting-edge data centre.

In the vibrant Gujarat 2024, Mukesh Ambani has announced that RIL is preparing to commission the Dhirubhai Ambani Green Energy Giga Complex, a 5000-acre manufacturing facility for renewable energy-related products, in Jamnagar in the second half of 2024. According to its annual report for FY23 RIL is setting up the green energy giga complex to develop photovoltaic panels, energy storage, green hydrogen, and fuel cell systems. RIL is betting big on the green energy and energy transition space, as it aims to achieve net zero by 2035 through the use of renewable and bioenergy.

Additionally, RIL is planning to set up India’s first and world-class carbon fibre facility at Hazira in Gujarat. RIL has invested over Rs 12 lakh crore in creating world-class assets and capacities across India in the last 10 years out of this, more than one-third has been invested in Gujarat alone.

About the company 

Reliance Industries is India’s largest private-sector company. Exploration and production of hydrocarbons, petroleum refining and marketing, petrochemicals, retail, and telecom and digital services are all included in the company’s activities.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.