RIL To Invest US 3bn In Petrochem Unit (15-Jun-2010)
Reliance Industries will make an investment of $3 billion in order to expand its petrochemicals unit in western Gujarat state, a news agency has quoted.
Under this expansion plan, Reliance will build a two-million-tonne chemical plant in Jamnagar, which will use gas from its refining operations as feedstock.
Moreover, in its meeting held last week, board of Mukesh Ambani owned Reliance Industries Limited (RIL) has set the path that the refinery to retail giant will take in the near future.
Banking on the recently ended 2005 non-compete agreement with brother Anil Ambani that prevented the billionaire brothers from competing on each other''s turf, the board has decided that the company will re-enter Telecom and Power business, in addition to Finance and Pharma sectors. These high-growth sectors are the four sectors that the management of RIL has told its board as being identified for investments in near future.
RIL plans to use the free cash that it generates from its oil and gas business to fund these diversifications.
On the other hand, Reliance Industries Ltd. (RIL) is quite bullish on the telecom sector, as the company has acquired a majority stake in Infotel Broadband.
RIL has purchased 95 % ownership rights from Infotel Broadband at Rs. 4,800 crore.
Post-acquisition, Infotel Broadband will now fall under the arms of Reliance Industries.
Infotel Broadband has bagged pan-India Broadband Wireless Access (BWA) spectrum license for 22 circles for around Rs. 12,848 crore.
Reliance Industries is currently trading at Rs.1054.1, down by 0.87% at 12.40 PM on BSE.
The stock hit an intraday high of Rs.1069.65 till now, as against the 52-week high of Rs.1184.7.The stock hit a low of Rs.1051 during the day. The stock had hit a 52-week low of Rs.840.55 on June 1, 2010.
The stock opens at Rs.1067.7 at BSE. The total traded volume of the scrip on BSE till now stood at 289127.
Meanwhile today, the BSE Sensex is trading down by 67.46 points, or 0.39%, at 17270.71 on 12:40 PM.
The NSE Nifty is trading down by 20.35 points, or 0.39%, at 5177.35.
RIL has an equity capital of Rs 3,270.37 crore as of 2010 March. The face value per share is Rs 10. At the current price of Rs 1054.1, the P/E multiple stood at 21.2351945854484 with book Value of 392.51 and P/BV at 2.69.
The total shareholding pattern of the company as on Dec 2009 stood at Promoters- 46.57%, Institutional Investors- 26.45%, General Public- 12.57% and other investors- 14.41%.
Considering the current price of Rs. 1054.1 at 12:40:00 PM , the stock had outperformed the market over the past one month till 15/06/2010 surged 3.67% as compared to the Sensex''s return of 2.58% and NSE Nifty''s 2.32 % returns.
Considering the current price of Rs. 1054.1 at 12:40:00 PM , the stock had underperformed the market over the past one quarter till 15/06/2010 declined 1.95% as compared to the Sensex''s return of -1.42% and NSE Nifty''s -1.31 % returns.
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