Shares of
Reliance Industries Limited have outperformed the broader market benchmark indices over the past one month.
During the said period, the shares of the company rose nearly 14 per cent against a rise of little over 2 per cent in the benchmark Sensex index.
The rally in share prices for the Indian company comes amidst volatility in the global financial markets amid geopolitical war and skyrocketing crude oil prices.Rising gas and fuel prices are expected to bore well for the Indian oil-to-chemical company.
Coming to its earnings, it had posted a 41.5 per cent rise in net profit during the Q3FY22 quarter, helped by an uptick in refining and retail businesses, according to reports.
Also, an upward revision in prepaid tariffs by domestic telecom majors is expected Ato raise average revenue per user (ARPU) of the telecom operators.
In November 2021, Reliance along with Vodafone Idea and Bharti Airtel raised their prepaid tariffs by around 20 per cent each, respectively.
Earlier this month, Nasdaq-listed integrated manufacturing solutions company Sanmina Corporation and Reliance Strategic Business Ventures, a wholly-owned subsidiary of Reliance Industries, have entered into an agreement to create a joint venture through an investment in Sanmina's existing Indian entity named Sanmina SCI India in order to create a world-class electronic manufacturing hub in India, in line with the country's 'Make in India' vision.
At 2.01 p.m., shares of Reliance Industries traded at Rs 2,598.00, up 0.8 per cent from the previous session.
Global investment banking firm Morgan Stanley has set a share price target for the company at Rs 2,926, with an "overweight" rating.
"Multiple positive triggers are lining up for RIL to outperform. Interestingly, these triggers are in areas where investors have been most skeptical about new energy with battery incentive wins, refining margin pickup and asset monetisation for petcoke gasifiers," it said.
SEE ALSOOla is going to acquire CEO Bhavish Aggarwal’s brother’s firm Avail financeTata Consumer Products, Axis Bank, M&M and other top stocks to watch out on March 25Petrol and diesel prices hiked for the third time this week in metro cities
Next Story
Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
From terrace to table: 8 Edible plants you can grow in your home
India fourth largest military spender globally in 2023: SIPRI report
New study forecasts high chance of record-breaking heat and humidity in India in the coming months
Gold plunges ₹1,450 to ₹72,200, silver prices dive by ₹2,300
Strong domestic demand supporting India's growth: Morgan Stanley
