India’s Reliance Industries Ltd (RIL) is now the world’s second-largest energy firm in terms of market capitalization, according to a local media report. RIL shares have jumped 43% so far in 2020. On Friday, the shares increased by 4.3% in Mumbai stock, which sent its market value to $189 billion. This exceeded ExxonMobil’s market capitalization of $185.58 billion.
Exxon’s shares have dropped 39% so far this year as the coronavirus pandemic ravaged demand for crude oil, transportation fuels and petrochemicals. RIL’s market cap is now second only to that of Saudi Aramco which stood at $1.76 trillion on Friday.
Energy business contributed to 80% of RIL’s total revenue in the last fiscal year. However, Chairman Mukesh Ambani is pushing the company to expand in the digital and retail sectors. Ambani’s digital push has so far attracted $20 billion into the RIL’s digital subsidiary Jio Platforms Ltd.
