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Raghuvir Srinivasan

BL Research Bureau It is a company that has yet to commence production but its stock is valued higher than the combined worth of all its competitors put together. The market cap of Reliance Petroleum, at today’s closing price of Rs 246.30 on the BSE, beat the combined market cap of Indian Oil, Bharat Petroleum, Hindustan Petroleum, Essar Oil, MRPL, Chennai Petroleum and BRPL put together.

While Reliance Petroleum’s market cap was Rs 1,10,835 crore, that of the others added up to Rs 1,05,204 crore (see table).

Reliance Petroleum is building a 29-million-tonne refinery at Jamnagar, which is expected to be commissioned by the middle of next year. In comparison, the combined refining capacity of the competitors over which it is now valued is about 115 million tonnes. They also have a combined turnover of Rs 5,12,000 crore and net profit of over Rs 12,000 crore (as of 2006-07). Reliance Petroleum, as of now, has no operational income whatsoever.

The Reliance Petroleum stock has had a dream run in the last two months more than doubling its price from Rs 111.80 on August 30 to Rs 246.30 today. During the same period, Indian Oil’s share has appreciated by 25 per cent and Bharat Petroleum’s by 10 per cent while the Hindustan Petroleum stock has stayed flat.

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