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Reliance Industries shares rise 4% in early trade, know why

Reliance Industries shares

Reliance Industries shares rise 4% in early trade

Reliance Industries shares rose more than 4% in early trading today as a result of the government reducing the windfall tax on shipments of diesel and aviation fuel by Rs 2 per litre. Additionally, as of July 20, the government reduced the levy on locally produced crude to Rs 17,000 per tonne. 
Reliance Industries produces crude oil domestically and is a significant fuel exporter. 
Reliance Jio, which is led by Mukesh Ambani, added a sizable 31 lakh mobile customers in May, which also contributed to the stock’s current strong purchasing sentiment. 
Reliance Industries’ stock increased 4.26 percent to Rs 2,545 from its previous close on the BSE of Rs 2,441.20. The stock experienced the most Sensex gain. Another oil producer, ONGC, was Nifty’s biggest gainer in the early going. ONGC stock increased 6.80% to Rs 136.60 from its previous close of Rs 127.90. 
Today’s BSE opening price for RIL stock was Rs 2,535, up 3.84 percent. Reliance Industries Shares are trading above their five-day, twenty-day, and 200-day moving averages, but below their fifty-day and one hundred-day moving averages.

Reliance Industries shares

The RIL share price has increased 5.49 percent during the course of this year and 19.32% over the past year. 
A total of 1.59 lakh shares of the company were traded, resulting in a turnover on the BSE of Rs 39.88 crore. The conglomerate’s market value increased to Rs 16.93 lakh billion. A 52-week high of Rs 2,855 was reached by the stock on April 29, 2022, while a 52-week low of Rs 2, 016 was reached on July 28, 2021. 
In early trade, the BSE oil and gas index increased by 468 points to 18,703. ONGC and RIL shares lead the index’s gains. 
After oil refiners, particularly those in the private sector, garnered significant profits from exporting fuel to markets like Europe and the US amid a rise in global oil prices, export levies were imposed. 
Taxes on producers of crude oil’s windfall profits were also declared by the government. On top of that, it levied an extra cess on domestic crude production of Rs 23,230 per barrel. The goal of the action was to eliminate producers’ windfall profits brought about by high global oil prices. 
However, as a result of the decline in oil prices from those highs, the government today announced a partial relief for the industries hit by the tax hike that went into effect on July 1.