Mukesh Ambani, chairperson and managing director of Reliance IndustriesBCCL
Reliance Industries’ shares were trading at ₹2,510 at 9:44 a.m., surpassing the previous high of ₹2,478.
The Mukesh Ambani-led conglomerate’s market capitalisation touched ₹16.9 lakh crore.
Separately, ICICI Direct had issued a hold call on Reliance Industries shares with a target price of ₹2,480 last week.
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Shares of Reliance Industries have been on a growth trajectory for over a year now and hit an all-time high on Monday, September 27, after it crossed the ₹2,500-mark.
The Mukesh Ambani-led conglomerate’s market capitalisation touched ₹16.9 lakh crore.
The company’s shares were trading at ₹2,510 at 9:44 a.m., surpassing the previous high of ₹2,478 on September 6, 2021. RIL's shares closed at ₹2,524.45 on Monday.
The stock rose as much as 25% in the last one year. The scrip has been gaining for the fourth consecutive session.
BI India
Separately, ICICI Direct issued a hold call on Reliance Industries shares with a target price of ₹2,480 last week on September 22. The company's shares were then trading at ₹2,425.
The analysts at ICICI Direct expected Reliance Industries to achieve the price point in a span of one year.
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Reliance Jio’s positioning in the digital ecosystem, Reliance Retail's aggressive store network expansion, the potential of oil-to-chemical (O2C) business to be segregated into a separate entity and the company’s upcoming investments in new energy initiatives were likely to trigger these future price performance, as per ICICI Direct.
“Long term prospects and dominant standing of RIL in each of its product and service portfolio, provides comfort for long term value creation. RIL’s consumer business will be the growth driver, going ahead. The company has a strong balance sheet post fundraising while its traditional business will continue to generate steady cash flows. We initiate coverage on the stock with a HOLD recommendation,” the report reads.
Reliance Industries ended the second quarter of 2021 — April to June — with a consolidated income of ₹1,48,591 crore, representing nearly 6% decline from ₹1,58,133 crore reported in the previous quarter.
The company’s net profit also fell to ₹12,273 crore from ₹13,227 crore in the previous quarter.
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