Reliance Industries Ltd (RIL) share zoomed over 6% today after global brokerage Jefferies said it saw a 50 per cent upside in the refiner’s earnings before interest, tax, depreciation and amortisation (EBITDA) for petrochemical business if the prevailing momentum sustains. Reliance Industries scrip took Nifty to record high after the index heavyweight ended 5.90% or Rs 116.70 higher at Rs 2,094.90 on BSE.
The stock was the top gainer on both Sensex and Nifty. On Sensex , RIL share ended 5.99% higher at Rs 2,094.95.
The share touched an intraday high of Rs 2,105 rising 6.41% against previous close of Rs 1,978 on BSE.
Reliance Industries share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 42.25% in one year and risen 5.56% since the beginning of this year.
Market cap of the firm rose to Rs 13.28 lakh crore on BSE. The large cap stock hit 52-week high of Rs 2368 on September 16, 2020 and 52-week low of Rs 1,450 on May 28, 2020.
Total 21.58 lakh shares changed hands amounting to turnover of Rs 445.77 crore today.
A sustained strong performance by the petrochemical vertical will improve the likelihood of oil-to-chemical (O2C) business stake sale in FY22 and may lead to a reversal of the 40 per cent underperformance in the Nifty pack, the brokerage said.
