RIL shares hit record high, approach Rs 3,000 mark; price targets, outlook and more

Shares of Reliance Industries Ltd (RIL) hit a record high in the afternoon session amid a rally in the benchmark indices today. RIL stock surged 3.40% to a high of Rs 2,949.90 against the previous close of Rs 2,852.70 on BSE. The stock fell to its 52-week low of Rs 2012.14 on March 20, 2023.  The Reliance Industries stock has risen 46.60% from its 52-week low till date. Market cap of the firm rose to Rs 19.58 lakh crore on BSE.

RIL stock is down 11.80% in 2024 and gained 34.82% in a year. It has seen low volatility in one year with a beta of 0.5.

RIL stock is neither oversold nor overbought on technical charts with its relative strength index (RSI) at 66.3. 

Reliance Industries shares are trading higher than the 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages, signaling the stock is trading in a bullish zone.  

Elara Securities has a price target of Rs 3,354 on RIL. The brokerage has raised the FY25 and FY26 EPS outlooks to 4% and 5%, respectively, on the back of refining outlook due to limited refining supply addition versus demand growth.

Morgan Stanley has an overweight call on the stock. It has a target price of Rs 3,046 for the large cap stock. 

In its mid-January note, the brokerage said it thinks it is RIL’s time in the Sun in 2024, both literally and in terms of re-rating.

UBS has a 12-month target of Rs 3,250 on the stock. UBS said investors are not pricing in retail's revenue growth potential from rapid store expansion, e-B2B revenue growth and private labels. The consensus seems to under-appreciate the upcoming integrated manufacturing ecosystem for new energy business.

Nuvama Institutional Equities has a target of Rs 3,205 on the stock.

RIL reported a 11 per cent year-on-year (YoY) rise in net profit at Rs 19,641 crore for the December 2023 quarter as compared with Rs 17,706 crore in the same quarter a year ago.

Gross revenue for the quarter grew 3.2 per cent to Rs 2,48,160 crore as against Rs 2,40,532 crore in the year-ago period.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

 

 

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