Reliance Industries stock hits new record high at ₹3,037.95, contributing to Nifty 50's rally

From Hindustan Times.: 2024-06-26 08:27:04

Reliance Industries stock surged past ₹3,000 after 15 sessions, hitting a new record high of ₹3,037.95 with a 4.50% gain. The stock settled at ₹3,028, marking a 4.12% increase and propelling the company’s market capitalisation to ₹20.48 lakh crore, adding ₹81,203 crore in a single day.

While Raymond’s stock crossed the ₹3,000 mark, it showed an 8.3% increase in the last 15 sessions, slightly underperforming the Nifty 50. The stock has risen by 5.85% in June and recorded a 17.84% rise in CY24, surpassing the index’s advance.

Reliance Industries contributed significantly to the Nifty 50’s all-time high of 23,889 points, accounting for 59% of the index’s 147-point rally. The company’s strong performance propelled the index towards the ₹24,000 mark, showcasing its dominance in the market.

Motilal Oswal maintained a ‘buy’ rating on Reliance Industries following its Q4FY24 results, with a target price of ₹3,245 per share. The brokerage highlighted robust performance in the consumer business, projecting double-digit EBITDA growth and a positive outlook for RJio and Reliance Retail.

In the oil-to-chemicals sector, Motilal Oswal expects a recovery in the refining and petrochemical segments, driven by diminishing net capacity additions and increased volumes at the MJ Field in FY25. The brokerage anticipates a positive growth trajectory for Reliance Industries in the coming years, supported by strategic initiatives and potential tariff adjustments.



Read more at Hindustan Times.: Reliance Industries stock reclaims ₹3,000 level after 15 sessions, hits new record high