The Reliance Industries stock on Monday hits its 52-week high and crossed market capitalisation of Rs 4 lakh crore. The stock rose to its highest level since May 30, 2008.
Reliance Industries is second to Tata Consultancy Services (TCS) which has a market capitalisation of Rs 4.90 lakh crore after the market closed today. Private sector lender HDFC Bank comes third in market capitalisation at Rs 3.57 lakh crore.
Reliance Industries market capitalisation stood at Rs 4.01 lakh crore when the market closed. The stock ended 4.74 percent or 56 points higher at Rs 1238.60. It rose to a new yearly high of Rs 1256 on the BSE.
The RIL stock opened at Rs 1,187 on Monday. Around 13.41 lakh shares were traded on the BSE, marking the top most traded stock by volumes during Monday's trade.
Brokerage firm Morgan Stanley has given overweight rating on the RIL stock with a target price of Rs 1506 with a one-year horizon.
Edelweiss has given a buy rating on the stock with a target price of Rs 1452 in its research report dated February 22, 2017.
Jio's Prime membership plan extends unlimited voice and data offer for 12 months, starting April 1, 2017, at Rs 303 per month along with one-time charge of Rs 99. The plan offers meaningful value for Reliance Jio subscribers versus Bharti Airtel's average 419 minute voice and 0.97GB per month data and Idea Cellular's 385 min voice and 0.70GB per month data.
It's pertinent to note that RIL's earnings are three times more sensitive to average revenue per user (ARPU) than to subscribers. We raise FY19E ARPU 24% and target price by 3% to Rs 1,452 (from Rs 1,413), highest on the Street, the Edelweiss report adds.