Reliance Industries perks up

Reliance Industries has been gaining for the last 2 days and has risen 2.74% in the period. It touched an intraday high today at Rs. 1,384, up almost 3%. The stock price is some 2% from its 52-week high of Rs.1406.50.

Reliance Ethane Holding Pte. Ltd. (“REHPL”), incorporated in Singapore is a wholly owned subsidiary of RIL.

REHPL has 100% holding in six limited liability companies (LLCs) which own Very Large Ethane Carriers (“VLEC” or the “Vessel”)), Mitsui O.S.K Lines Ltd.

Mitsui of Japan and a strategic minority investor have signed binding definitive agreements for a strategic investment by MOL and minority investor in the six special purpose limited liability companies (“SPVs”), each owning a VLEC.

Post closing SPVs shall be jointly controlled by REHPL and MOL.

Apart from this, there is also unconfirmed news that Saudi Aramco, the world's largest crude oil producer, is in serious discussions to acquire up to a 25% stake in RIL’s refining and petrochemicals businesses.

Today is also the day when RIL will announce its performance for Q4FY19 and FY19.

Thus with so much happening in the company, little wonder the stock price is all perked up today!