RIL Hits Major Breakout; Abhishek Basumallick Sees Further Upside In Near Term

Abhishek Basumallick, Co-founder & Fund Manager at Shree Rama Managers, says Reliance Industries is witnessing one of its strongest rallies since 2020 and is on track for its biggest annual bull run. The stock is already up around 26% in 2025, adding nearly ₹4.5 lakh crore to market capitalization, driven largely in the last couple of months. He attributes the momentum primarily to strong performance in the telecom business, improving refining margins, and growth traction in Jio Financial. He adds that Reliance Retail, after heavy investments, is expected to contribute meaningfully to cash flows. With supportive sentiment and factors like GST cuts, Reliance appears well-positioned in the near term.