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RIL share price closes above Rs 1,900 for first time, here's what brokerages say

Share price of RIL ended 2.97% or Rs 55.80 higher at Rs 1,934 against previous close of Rs 1,878 on BSE

twitter-logoBusinessToday.In | July 13, 2020 | Updated 17:12 IST
RIL share price closes above Rs 1,900 for first time, here's what brokerages say
Share price of RIL hit at an all time high of Rs 1,947 with the firm's market cap hitting a record of Rs 12.32 lakh on BSE

Reliance Industries Ltd (RIL) share price closed at an all time high today after Qualcomm Ventures, the investment arm of Qualcomm Incorporated, announced investment of up to Rs 730 crore for a 0.15 per cent equity stake in Jio Platforms. Share price of RIL ended 2.97% or Rs 55.80 higher at Rs 1,934 against previous close of Rs 1,878 on BSE. 

Market cap of the Mukesh Ambani-led firm closed at Rs 12.26 lakh crore on BSE. The firm's market cap closed above Rs 12 lakh crore mark for first time ever.

Earlier, share price of RIL hit at an all time high of Rs 1,947 with the firm's market cap hitting a record of Rs 12.32 lakh on BSE. Total 15.73 lakh RIL shares changed hands amounting to turnover of Rs 303.21 crore.

The large cap stock has gained 7.62% in three sessions. Market participants are hopeful the share is likely to hit Rs 2,000 mark soon.  Brokerages are too upbeat on the prospects of the stock.

RIL market cap crosses Rs 12 lakh crore as Qualcomm to invest Rs 730 cr in Jio Platforms

Here's what they said.

Credit Suisse has a neutral stance on the stock with target price raised to  Rs 1,690 from Rs 1,375. The brokerage raised Jio's enterprise value to $88.5 billion and assigned an enterprise value of $17.5bn for non-wireless verticals considering significant progress in many of them and possibility of aggressive customer ramp-up.

RIL stock nears Rs 2,000 mark, up 127% in less than 4 months from Rs 867

Motilal Oswal raised equity valuation for digital and retail to Rs 1385 per share currently from Rs 315 per share 3 years ago. Considering the firm would become a net debt free, the brokerage has raised multiple for refining and petrochemicals from 6 times to 7.5 times. It raised target price for RIL to Rs 2000 from Rs 1743 per share.

Angel Broking raised its  target price from Rs 1,879 to Rs 2,073, an upside of 10.4% from the current market price. Given that the stock has rallied by more than 120% from its March lows there could be some volatility in the stock post the Q1FY21 numbers. Despite any possible short term volatility we are positive on Reliance Industries share from a long term perspective. The company has built a dominant position in the retail and telecom business which will be key growth drivers for the company going forward. Potential listing of the digital and retail business over the next 3-5 years would also lead to significant value unlocking for shareholders in the long run.

Share Market Highlights: Sensex ends 99 points higher, Nifty at 10,815; HUL, Hindalco top gainers

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