After a range-bound trade for the past few months, Reliance Industries scrip saw sudden momentum on the back of bullish stance of brokerages in respect of its petrochemical business in particular. Analysts opined that if the ongoing polymers spreads sustain for FY22 then the company's operating profit could increase 14 percent.
In respect of the same, Jefferies said that spreads are unusually high owing to strong downstream demand and if the situation sustains then the company's EBITDA for the segment shall see a 50% surge.
Reliance Industries shares on Wednesday in a weak market are trading marginally higher by 0.02 percent at the time of writing this report, while it logged an intra-day high of Rs. 2184. The scrip of RIL logged gains of over 10 percent in a week's time and during the same time Mukesh Ambani became wealthier by $6.2 billion.
As of June 2 as per Bloomberg Billionaire Index, Mukesh Ambani commands a net wealth of $83.2 billion or Rs 6.07 lakh crore while his wealth as on May 23 stood at $77 billion or Rs 5.62 lakh crore. In the latest list Ambani is at the 12th spot after Steve Ballmer in the world's wealthiest list.
Notably RIL scrip also helped Nifty clock a new high of 15660 in the previous session as the scrip has a close to 12 percent weightage in the Nifty index.