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Reliance Industries stock closes higher amid plan to raise oil refining capacity

The conglomerate is holding discussions with global refinery process licensors and equipment vendors for the new refining plant at the Jamnagar complex, which may cost $10 billion to the company, a report said. The plant would be able to process as much as 30 million tonne of crude a year, according to the report.

twitter-logo BusinessToday.In        Last Updated: November 19, 2018  | 16:02 IST
Reliance Industries stock closes higher amid plan to raise oil refining capacity

The Reliance Industries stock closed higher today amid a report the Mukesh Ambani-owned conglomerate was considering a plan to raise its oil refining capacity by about half. The stock rose up to 2.12% higher to 1151.40 level on the BSE. The large cap stock has been gaining for the last three days and has risen 4.92% during the period. It closed 1.96% or 22.10 points higher  on the BSE.

The stock has gained 26.16% during the last one year and risen 24.61% since the beginning of this year.

26 of 36 brokerages rate the stock "buy" or 'outperform', five "hold", one "underperform" and four "sell", according to analysts' recommendations tracked by Reuters.

The stock is trading above its 50 day and 200-day moving average of 1103.66 and 1095.83.

The conglomerate is holding discussions with global refinery process licensors and equipment vendors for the new refining plant at the Jamnagar complex, which may cost $10 billion to the company, a Bloomberg report said. The plant would be able to process as much as 30 million tonne of crude a year, according to the report.

On Friday, the Reliance Industries (RIL) stock surpassed Tata Consultancy Services (TCS) in market capitalisation rising over 2% intra day  in trade. The RIL stock rose 2.78% or 29 points to 1,126 on the BSE. On the other hand, the TCS stock was trading merely 0.72% higher at 1879 level. Reliance Industries'market capitalisation rose to Rs 7,14,668 crore beating TCS' market cap which stood at Rs 7,06,574 crore on the BSE.

Reliance Industries is engaged in refining, including manufacturing of refined petroleum products, and petrochemicals, including manufacturing of basic chemicals, fertilizers and nitrogen compounds, plastic and synthetic rubber in primary forms.

The company's segments include refining, petrochemicals, oil and gas, organized retail and others. The others segment includes textile, special economic zone (SEZ) development, telecom or broadband business and media.

Meanwhile, the Sensex closed 317 points higher at 35,774 level. The Nifty too gained 81 points or 0.76% to 10,763 level.

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