RIL is now the second most valuable listed oil company in the world by market cap. Of course, Saudi Aramco with a market cap of $1.7 trillion is way ahead compared to RIL at $200 billion. But along the way, RIL has got the better of oil giants like Exxon, British Petroleum, Royal Dutch Shell etc, although the value was driven by digital forays.

Reliance shares have jumped 43% this year compared with a 39% drop in Exxon’s shares. Most refiners struggled with a plunge in fuel demand as also low gross refining margins. Currently energy contributes to 80% of RIL revenues but the contribution of digital to the market cap is much larger. The slew of stake sales in Jio Platforms, the successful rights issue and the journey to zero net-debt have worked for Reliance.