The Reliance Industries stock on Friday hit a new 52-week high after analysts were upbeat on the prospects of the stock. The level is also close to its nine-year high.
Brokerage and investment firm CLSA today raised its price target on Reliance Industries by 11 per cent to Rs 1,500 and maintained its buy rating on the stock.
Earlier, it had given a price target of Rs 1,350 on January 17, 2017.
In a report dated February 27 2017, Morgan Stanley maintained overweight rating on RIL for a target price of Rs 1,506.
Edelweiss has given a buy rating on the stock with a target price of Rs 1452 in its research report dated February 22, 2017.
The stock hit a 52-week high of Rs 1,287 and its market capitalisation rose by nearly Rs 17,700 crore in early trade today.
The stock closed 2.04 percent or 25.20 points higher at Rs 1,258.45 on the BSE.The new level for the stock comes a day after a report said that as many as 15 promoter group entities of Reliance Industries will transfer their 119 crore shares to eight other promoter group entities. The proposed inter-se transfers will not result in any change in promoter group shareholding of 45.24 per cent in RIL.
The stock has been in news since last week. It hit a new 52-week high and crossed market capitalisation of Rs 4 lakh crore on February 27, 2017. It rose to a eight-year high level since May 30, 2008. Reliance Industries came second to Tata Consultancy Services (TCS) which had a market capitalisation of Rs 4.90 lakh crore after the market closed that day. Reliance Industries market capitalisation stood at Rs 4.01 lakh crore when the market closed. It rose to a new yearly high of Rs 1,256 on the BSE.