Shares of billionaire Mukesh Ambani's Reliance Industries are in focus today as US President Donald Trump announced the opening of a new oil refinery in 50 years, with investment support from India's Reliance Industries Ltd. As a result, the stock opened in the green at Rs 1,427, up from the previous close of Rs 1,409.05 on the BSE. It gained further to touch the high of Rs 1,433.65, representing a gain of 1.74 per cent from the last closing price. However, it later dipped amid profit booking and touched the intraday low of Rs 1,395.10. Last seen, the scrip was trading at Rs 1,400.55 with a fall of 0.60 per cent and the market cap of the company stood at Rs 18,95.290.45 crore.
On the National Stock Exchange (NSE), the stock started the trading session at Rs 1,424.90 and later touched the intraday high of Rs 1,434 and low of Rs 1,395.10.
Share price history
The stock has yielded a return of 503.07 per cent in 10 years and 30.66 per cent in three years. However, it has corrected 4.42 per cent in two years. On a year-to-date basis, it has dipped 11.05 per cent.
Reliance to invest in new Texas oil refinery
US President Donald Trump has said that India's Reliance Industries will make an investment in a new oil refinery being opened in Texas, thanking the company and "our partners in India" for the deal.
Calling it as a "historic USD 300 billion deal", the US President in a social media post said the project is being enabled by his administration's "America First agenda".
He said the deal is "the biggest in the US history" and "a massive win for American workers, energy and the great people of South Texas".
However, there has been no official communication from Reliance Industries on the deal so far.
"Thank you to our partners in India, and their largest privately held energy company, Reliance, for this tremendous investment," Trump said.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
