RIL shares hit record high, cross Rs 3,000 mark for first time; what's next?

Shares of Reliance Industries Ltd (RIL) crossed the crucial Rs 3,000 mark for the first ever in the afternoon session today. The market heavyweight stock also hit a record high of Rs 3013.65, rising 1.10%  on BSE. The shares of the Mukesh Ambani-led conglomerate have risen 16% this year and gained 36.52% in the last one year. 

 Motilal Oswal has assigned a target price of Rs 3210 to the large cap stock. 

Jefferies India raised Reliance Industries Ltd's (RIL) stock price target by 7 percent to Rs 3,140, highlighting its undervaluation relative to the benchmark Nifty index.

The brokerage retained its buy rating on the stock. Jefferies India also raised RIL's EBITDA (earnings before interest, taxes, depreciation, and amortization) estimates for FY24 and FY25 by 2 percent and 1 percent, respectively, citing the near-term strength in its oil-to-chemical operations.

"Robust global middle distillates demand, 5-year-low diesel inventories and Red Sea disturbances have firmed up diesel spreads by 40 percent since December," the brokerage said in its latest note.

RIL stock is up 16.65% in 2024 and gained 37% 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 62.3.

Reliance Industries shares are trading higher than the 5 day, 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 assigned a price target of Rs 3,354 on RIL. The brokerage has upgraded 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. 

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

RIL stock is up 16.65% in 2024 and gained 37% 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 62.3.

Reliance Industries shares are trading higher than the 5 day, 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.