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Reliance Industries turns top gainer with 6% rally, helps Nifty clock record high

Reliance Industries was the major driver for Nifty towards record high levels.

May 28, 2021 / 06:00 PM IST
RELIANCE Industries RIL

RELIANCE Industries RIL

 
 
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Oil-telecom-to-retail conglomerate Reliance Industries was the biggest gainer with 6 percent rally among Sensex and Nifty50 stocks on May 28. In fact it was the major driver for Nifty towards record high levels.

The Nifty50 hit a new high of 15,469.65 today after crossing its previous record high of 15,431.75 touched in February 2021.

Reliance stock has been in a consolidation and rangebound mode for more than two-and-half-month, and climbed above Rs 2,100 levels during the day.

Reliance Industries contributes the most to the Nifty50 as it has the maximum weightage of 10.19 percent, followed by HDFC Bank, Infosys, HDFC, ICICI Bank, and TCS.

On the final tally, the stock signed off the session at Rs 2,094.90 with gains of 5.90 percent and market capitalisation of Rs 13,50,183.97 crore on the BSE, and on the National Stock Exchange, it gained 6.01 percent to close at Rs 2,094.80.

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There was a significant jump on the trading volumes front too. It traded with volumes of 21,58,323 shares, an increase of 581.47 percent compared to its five-day average of 3,16,717 shares, and an increase of 348.54 percent compared to its thirty-day average of 4,81,190 shares on the BSE.

In the quarter ended March 2021 quarter, billionaire Mukesh Ambani-owned Reliance Industries reported consolidated profit of Rs 13,227 crore with a growth of 108.4 percent YoY, driven by significant growth in Jio and recovery in Retail business. Consolidated revenue during the quarter increased by 11 percent to Rs 1,54,896 crore compared to year-ago quarter.

Jio recorded a massive 47.5 percent year-on-year growth in consolidated profit at Rs 3,508 crore, and 18.9 percent growth in revenue at Rs 18,278 crore. Its average revenue per user (ARPU) during the quarter was at Rs 138.2 per subscriber per month and total subscribers at the end of March 2021 stood at 426.2 million.

Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.



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Moneycontrol News
first published: May 28, 2021 06:00 pm
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