Mumbai: Reliance Industries Ltd (RIL) raised prices of at least seven key petrochemicals in the last quarter to offset higher crude oil prices and counter the effect of a weakening rupee. Bulk chemicals traders, suppliers for RIL’s petrochemical products and analysts tracking the company said it raised prices by 10-21% in the second quarter of this fiscal while year-on-year increase is 17-61%.

Shares of Reliance Industries (RIL) have dipped 5.4% to Rs 1,140 on the BSE in intra-day trade, recording their sharpest intra-day fall during calendar year 2018. Earlier, on December 18, 2017, RIL had recorded 6.3% decline in intra-day trade and finally settled flat at Rs 919 on the BSE. The stock is the top loser among the S&P BSE Sensex counter.

Mukesh Ambani’s textile punch: In what could provide a major fillip to Reliance Industries’ new-age fabric R|Elan, billionaire Mukesh Ambani-led Reliance Industries has partnered with Vardhman Textiles, to produce innovative fabric including R|Elan GreenGold– manufactured by recycling used PET bottles, and used in trousers and denim.

Reliance Industries has permanently shut down its only oilfield (MA field) in the KG-D6 block on the back of dwindling output from the reserve. This was the company’s first foray into oil and gas exploration that began in September 2008 when the field started producing oil.

“The MA (D26) field in Block KG-DWN-98/3 (KGD6), which is being operated by RIL as an operator of the joint venture consisting of RIL (60 per cent), BP (30 per cent) and Niko (10 per cent)

New Delhi: India’s richest man Mukesh Ambani plans to build Reliance Jio Hubs, a one-stop shop for all consumer items sold by Reliance Industries Ltd and its units ranging from electronics to groceries, to provide people living in small towns their first mall-like shopping experience. The aim is to leverage the strengths of units Reliance Retail Ltd’s physical stores and Reliance Jio Infocomm Ltd’s digital infrastructure to boost sales in smaller towns, which have largely been untouched by modern retail and online shopping.

Reliance Industries Ltd.’s recent gains are helping one of India’s most-valuable companies catch up with the benchmark index, which it had trailed for much of the past decade. The company’s shares have surged 135 percent since it launched telecom services in 2016, nearly four times the advance in the S&P BSE Sensex, making it the best performer in the 30-stock index. It has climbed 26 percent so far this quarter.

Better credit metrics and a zero default track record with banks is helping large conglomerates, led by Adani group, Mukesh Ambani’s Reliance Industries (RIL), and Tata group, snap up bankrupt companies. They are fast emerging winners under the Insolvency and Bankruptcy Code (IBC), 2016. The Sajjan Jindal-owned JSW Group is also in the race to buy stressed assets, but so far it has had limited success.

RIL share price: Shares of billionaire Mukesh Ambani-led Reliance Industries rose over 1% in morning deals on Monday after the company raised its stake in Genesis Colors Ltd by over 3%. Reliance Industries share price edged higher by 1.12% to a new 52-week high of Rs 1,291.80 on the National Stock Exchange. On the BSE, the company’s share price went up by 1.08% to hit a fresh record high of Rs 1,291.85 per share.

Reliance Industries (RIL) on Thursday became the first Indian company to cross Rs 8 trillion in market capitalisation. The stock gained 1.9 per cent to close at Rs 1,270, valuing the Mukesh Ambani-led firm at Rs 8.05 trillion ($115 billion at current exchange rate of Rs 70.11 for a dollar).

Shares of RIL have rallied 34 per cent from their recent low of Rs 945 on June 28 amid big-bang announcements during its annual general meeting (AGM) in early July. During the same period, the benchmark BSE Sensex gained 9.5 per cent.

BP Plc and its partner Reliance Industries will produce at least 10 per cent of India's total gas demand from the Krishna Godavari (KG) basin by 2022, said Sashi Mukundan, the company’s region president and India head.

Experts highlight that this has the potential to revive the ailing fertiliser segment in the country by competing with the re-gasified liquid natural gas (RLNG), as the difference between RLNG and domestic deepwater gas would be at least 25-30 per cent by then.

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