Reliance Industries Hits New Highs: Becomes India's Most Valued Company with Share Price Surge

Before Market Opens
29 January, 2024

As of today, Reliance Industries Limited (RIL) has experienced a significant surge in its share price. The stock rose by over 5% to hit a new 52-week high of ₹2,826. At one point during the day, the shares were trading at ₹2,848.80, up by ₹138.45 or 5.11%​​. This bullish trend in RIL’s stock performance is largely attributed to the strong quarterly results and positive market sentiment.

In its latest financial report, RIL posted a profit after tax of ₹19,641 crore for the third quarter of FY24, marking an increase of 10.3% year-over-year and surpassing market expectations. This robust performance was driven by notable growth in its consumer businesses, including retail and oil & gas segments. RIL’s EBITDA in its O2C segment decreased by 14% quarter-over-quarter to ₹140.6 billion due to maintenance in multiple units and lower cracks & deltas. However, the company’s Jio and Retail segments showed strong EBITDA growths of 1.4% and 8% quarter-over-quarter, respectively​​.

Further strengthening its market position, RIL has become India’s most valued company with its market capitalization crossing ₹19.5 lakh crore. This milestone places RIL as the 44th largest company globally in terms of market capitalization. Over the past year, RIL’s stock has gained 28%, with a 12% increase in January alone. The company has delivered consistent positive returns since 2015, with a 53% increase over the last three years. This performance has made RIL a key player in the Indian stock market, surpassing major companies like TCS, HDFC Bank, and ICICI Bank​​.

Investment firms have varied opinions on RIL’s stock. While Sharekhan maintains a ‘Buy’ rating, considering it a compelling long-term investment opportunity, Citi has downgraded RIL to a ‘neutral’ rating, citing a balanced risk-to-reward ratio. Different brokerage firms have set varying target prices for RIL’s stock, reflecting their outlook on the company’s future performance.

As a note of caution, this information is provided for general informational purposes only and should not be considered as investment advice. Investors are advised to conduct their own research or consult with a financial advisor before making any investment decisions.

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