RIL hit a market cap of $130.76 billion on Wednesday compared with BP Plc’s $128 billion
In early deals today, shares of RIL traded at ₹1,466 on the BSE, having gained over 31% so far this year
Mukesh Ambani led-Reliance Industries Ltd (RIL) has pipped British oil major BP Plc in terms of market capitalisation to become the world’s sixth largest energy entity. But the rise in market cap is largely thanks to Indian conglomerate’s retail and telecom businesses.
RIL hit a market cap of $130.76 billion on Wednesday compared with BP Plc’s $128 billion. In early deals today, shares of RIL traded at ₹1,466 on the BSE, having gained over 31% so far this year.
On Tuesday, shares of BP Plc, closed at $6.33, down 3.8%--the most in four weeks--in London trade, after dashing investor hopes of a higher dividend this year. The company’s market capitalization stood at $128.86 billion. Year to date, the BP Plc stock has declined 0.7%.
BP Plc reported adjusted net income of $2.25 billion for the September quarter, exceeding average analyst estimate of $1.77 billion. This compares with a profit of $3.84 billion a year earlier, when BP decided to buy a $10.5 billion package of US shale assets in cash rather than shares because it was confident oil prices would stay high.
Globally, in the listed universe, Exxon Mobil Corp is the biggest oil and gas firm, with a market cap of $290.42 billion, followed by Royal Dutch Shell Plc at $238.15 billion, Chevron Corp at $224.92 billion, Petrochina Co Ltd with $149.20 billion in market cap, and Total SA at $141.74 billion.
However, the world’s largest energy entity is Saudi Aramco, which pumps about 10% of the world's crude and emerged as the most profitable company in 2018. Saudi Aramco beat Exxon Mobil Corp in terms of earnings. The energy giant plans to launch its initial public offering in November.
BP is RIL's partner in its exploration and production ventures in India. Both companies also operate an equal joint venture called India Gas Solutions, and will partner to set up fuel retail outlets.
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