Reliance Industries which jumped over 6 percent hitting record high of Rs 1,788.80 per share. The company has hit market cap of Rs 11,000 crore in the process.
Sensex is up 544.68 points or 1.59% at 34752.73, and the Nifty jumped 163.60 points or 1.62% at 10255.30 as the Indian stock market is witnessing some handsome gains.
Oil & gas stocks are buzzing with the Nifty Energy index up 3 percent led by Reliance Industries which jumped over 6 percent hitting record high of Rs 1,788.80 per share. The company has hit market cap of Rs 11,000 crore in the process.
The stock was also the most active scrip on NSE in terms of value with 4,81,73,998 shares being traded.
The other gainers included GAIL India, BPCL and ONGC which added over 2 percent each.
Oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and signs of demand, hit by the coronavirus crisis, recovering, a Reuters report said.
Brent crude rose $1.09, or 2.6%, to $42.60 by 0829 GMT, the highest since June 8. US West Texas Intermediate (WTI) crude climbed $1.07, or 2.8%, to $39.91.
S&P BSE oil & gas added over 2 percent HPCL, IOC, Petronet LNG and GSPL adding a percent each while on the other hand, shares of Indraprastha Gas traded in the red, down half a percent.
Reliance Industries has built up a dominant presence in Refining, Petrochemicals, Telecom and Retail businesses. JIO Platforms which houses the telecom business has attracted investments from marquee investors like Facebook, Silver Lake Partners, General Atlantic, KKR, etc. of Rs 1,15,694 crore. Investments by such marquee names in Jio platforms will not only help the company pay down it's debt but also reinforces our confidence in the management’s ability to transform the company from a brick and mortar to a digital play, said Jyoti Roy, DVP Equity Strategist, Angel Broking.
"We believe that the digital and retail business will be key growth drivers for the company going forward and the proposed listing of the retail business over the next few years is along expected lines and will lead to a rerating for the company. We also expect a similar move by the company for it’s digital business in the future," he added.
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