Reliance Industries stock seen rising 100% in 2 years

The Reliance Industries stock hit a fresh 52-week high during intraday trade a day after the conglomerate reported a record fourth quarter net profit of Rs 8,046 crore, buoyed by higher earnings from its petrochemicals business and an eight-year high refining margin.

At 1255 hours, the Reliance Industries stock was trading 1.74 percent or 24.60 points higher at 1441 level. During early trade, the stock hit a 52-week high level of Rs 1,465 on the BSE.The stock closed 1.14 percent or 16.10 points higher at Rs 1432 level.

Meanwhile, Deven Choksey, MD at KR Choksey Investment Managers said the stock was showing signs of reaching Rs 1800 level in the next 6-12 months. The stock is likely to see 100 percent appreciation for a period of two years or more, Choksey told ET Now a day after the firm posted stellar Q4 earnings.

Consolidated net profit for the operator of the world's biggest oil-refining complex rose to Rs 8,046 crore, or Rs 27.3 per share, in January-March quarter compared with Rs 7,167 crore net profit in the same period of previous year, Reliance Industries said.

Operating profit, or earnings before interest and tax, from its petrochemicals segment jumped 26 per cent from a year earlier to Rs 3,441 crore, while that from its refining business was almost flat at Rs 6,294 crore.