Shares of Reliance Industries gained over one per cent in afternoon trade as investors closely tracked the Chairman and Managing Director, Mr Mukesh Ambani’s address at the company’s Annual General Meeting.
The stock was trading 1.46 per cent higher at Rs 724.50 on the BSE at 1205 hrs. In early trade, the stock had gained 2.49 per cent to touch a high of Rs 731.90.
At the NSE, the stock rose by 1.01 per cent at Rs 723.10.
Another group company, Reliance Industrial Infrastructure Ltd, was trading 2.18 per cent up at Rs 409.85 on the BSE.
Reliance Industries today announced an investment of Rs 100,000 crore in the country in the core business of petrochem and oil and gas as well as in retail and telecom, to double operating profits in four-five years.
Addressing the company shareholders, Mr Ambani said new projects in petrochemicals and refinery business would come on line in the next two to three years.
RIL has been under pressure in the recent past and had hit a low of Rs 671 last month on May 6. However, it has recouped some lost ground in the past few days.
RIL has also lost its long-held status as the country’s most valued company to Tata group firm TCS. At the end of yesterday’s trade, RIL’s market value stood at Rs 233,835.64 crore, as against TCS’ Rs 245,288.72 crore.