RIL Diversification plan fuels

Reliance Industries gained 1.77% to Rs 2385 at 14:40 IST on BSE on reports it has submitted two proposals to the government totaling $7.55 billion to build semiconductor and micro-processor making units.

The stock hit a high of Rs 2415 and a low of Rs 2344 so far during the day. The stock had a 52-week high of Rs 3252.10 on 15 January 2008 and a 52-week low of Rs 1309.55 on 3 April 2007.

The company’s current equity is Rs 1453.65 crore. Face value per share is Rs 10.

The current price of Rs 2385 discounts its Q3 December 2007 annualized EPS of Rs 222.26, by a PE multiple of 10.73.

The semiconductor facility will cost $4.64 billion and the polysilicon microprocessor unit will involve an outlay of $2.91 billion.

On 1 April 2008, Reliance Industries (RIL) made second gas discovery in deepwater exploration block off the east coast in Krishna Basin.

RIL’s net profit rose 162.2% to Rs 8,079 crore on 22.7% rise in sales to Rs 34,590 crore in Q3 December 2007 over Q3 December 2006.

RIL is engaged in oil refining, producing and distributing plastic and intermediates, polyester filament yarn, fibre intermediates, polymer intermediates, crackers, chemicals, textiles. It is also into exploration and production of oil and natural gas.