Shares of Reliance Industries Limited (RIL) rose in early trade on Wednesday after reports that the company could be involved in a major oil refinery project in the United States announced by President Donald Trump.
At around 9:23 a.m., RIL shares were trading at Rs 1,427.20, up Rs 18.40 or 1.31% from the previous close of Rs 1,408.80. The stock opened at Rs 1,424.90 and touched an intraday high of Rs 1,434.00.
The gains follow Trump’s announcement of a $300 billion oil refinery project in Texas, which he described as a “historic” investment in U.S. energy infrastructure.
In a post on social media, Trump thanked “partners in India and their largest privately held energy company, Reliance” for backing the project.
The refinery is expected to be built in Brownsville, Texas, and if completed, it would mark the first new major oil refinery built in the United States in roughly 50 years, according to reports.
The project is expected to process American shale crude and boost US refining capacity while strengthening energy trade links with international partners.
Investors appear to have reacted positively to the development, viewing it as a potential expansion of Reliance’s global refining footprint.
The company already operates the world’s largest refining complex in Jamnagar, Gujarat, which processes a wide range of crude grades and exports refined fuels to global markets.
Market participants said the announcement reinforced expectations that Reliance’s oil-to-chemicals business could benefit from greater international exposure and strategic partnerships in the refining sector.
The stock’s rise also supported the broader market in early trade, given Reliance’s heavy weighting in India’s benchmark indices.
Analysts said investors will watch for further clarity on the scale, timeline and financial structure of the proposed refinery project to assess its long-term impact on Reliance’s earnings and global energy strategy.
