Reliance Industries shares rally 3%, hit 52-week high; here’s why

  • Concurrently, Network18's shares also closed 20% higher, marking a new peak, while TV18 Broadcast experienced a 15.5% increase, reaching 64.47.

Vaamanaa Sethi
First Published10 Jan 2024, 06:31 PM IST
Reliance Industries shares hit 52-week high on Wednesday. REUTERS/Vivek Prakash (INDIA - Tags: BUSINESS) - RTR3380D
Reliance Industries shares hit 52-week high on Wednesday. REUTERS/Vivek Prakash (INDIA - Tags: BUSINESS) - RTR3380D

Shares of Reliance Industries (RIL), which is India's largest company by market capitalization, surged by up to 3%, reaching a new 52-week high of 2,658.95 on the BSE on Wednesday.

This substantial upward movement was accompanied by a notable increase in trading volume, exceeding two times the usual levels. Concurrently, Network18's shares also closed 20% higher, marking a new peak, while TV18 Broadcast experienced a 15.5% increase, reaching 64.47.

Also read: Bharti Airtel shares hit 52-week high after BofA Securities upgrades stock

Earlier today, the Chairman of Reliance Industries Limited (RIL) announced that the Mukesh Ambani Dhirubhai Ambani Green Energy Giga Complex in Jamnagar is poised for commissioning in the latter half of 2024. Spanning across 5,000 acres, this initiative is anticipated to generate a substantial number of environmentally-friendly jobs, facilitate the production of green products and materials, and position Gujarat as a prominent exporter of sustainable goods.

Addressing the 10th edition of the Vibrant Gujarat Summit, Ambani emphasized that Reliance is establishing India's first-rate Carbon Fibre facility at Hazira, aiming to establish Gujarat as a frontrunner in New Materials and the Circular Economy. Notably, RIL shares continue to be endorsed by leading brokerages as a favorable investment.

Also read: NCC stock gains nearly 10% on strong volumes, logs biggest intraday jump since August

"Based on recent deals we find it an attractive risk-reward proposition given potential triggers in the next 12-18 months such as an uptick in wireless broadband, mobile tariff hike, operating leverage after recent expansion in retail, and potential IPO of Jio and/or retail units," global brokerage firm CLSA had said recently, was quoted as saying by The Economic Times.

Brokerage firm Goldman Sachs also reiterated ‘buy’ rating on the Reliance stock, citing its involvement in expanding consumer and technology sectors, coupled with a strong oil-to-chemical business. The investment bank has revised its 12-month target for Reliance Industries to 2,885, up from 2,660.

Also read: Infosys Q3 results preview: Expect weak earnings with drop in revenue; margins to contract

Meanwhile, it has adjusted its EBITDA forecasts for the fiscal years FY24, FY25, and FY26, lowering them by -2%, -3%, and -4%, respectively. This revision reflects updated assessments of refining and chemical margins, reduced telecom earnings expectations due to delayed tariff hikes, and modifications to capacity ramp and margin considerations for the new energy business.

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News in Numbers

Numbers that help you understand news better
₹295 Cr

$23 B

$65 M

3.36%

$65.47 B

$2.5 M

₹80 Cr

1.4%

₹773 Cr

₹2,705 Cr

₹1 Cr

₹14,370 Cr

₹5.74 T

First Published:10 Jan 2024, 06:31 PM IST
HomeMarketsStock MarketsReliance Industries shares rally 3%, hit 52-week high; here’s why

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