Prices of crude oil surged to an eight-week high amid escalating tensions in the Middle East. While this price rise may put a possible spanner to India’s economy, the country’s upstream or exploration companies are major beneficiaries from the scenario. Most of them saw a huge uptick. However, RIL benefitted the most.
On January 29, 2024, the stock price of Reliance Industries (RIL) touched its all-time high of INR2,905, up 7%, as foreign investors bought it after a heavy sell-off in HDFC Bank last week. Traders made big money in the options market where call premiums for INR3,000 strike option moved from INR8 to INR49 in a single day. On January 30, the stock was down 2.69% at INR2,818.25 on account of profit-booking. So, why did the stock go up on Monday? A
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