Reliance Industries hits two-month high
Updated on 30 Dec 2016
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Reliance Industries (RIL) hit a two-month high of Rs 1,084, up 1.8% in intra-day trade on Friday, extending its Thursday’s 1% gain on the BSE after the company said it commissioned the first phase of Para-xylene (PX) plant at Jamnagar, Gujarat.
The stock was trading at its highest level since October 21, 2016. It hit a 52-week high of Rs 1,129 on September 26, 2016 in intra-day trade.
Thus far in December, the stock has outperformed the market by gaining 9% as compared to 0.22% fall in the S&P BSE Sensex. Since November 8, post demonetization, it was up 8% against 3.6% decline in the benchmark index.
The company said that with the commissioning of this plant, RIL’s PX capacity will more than double from 2.0 million metric tonnes per annum (MMTPA) to 4.2 MMTPA.
On commissioning of entire PX capacity, Reliance will be the world’s second largest PX producer with 9% of global PX capacity and 11% share of global production.
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