Reliance Industries Witnesses Growth in Share Value
Reliance Industries Share Price, the most valuable company in the country, has seen an uptick of 2.5% in its share prices. This surge came in response to the company’s announcement of its quarterly results post-market hours last Friday, showcasing a commendable 27% increase in net profit. Following the release of these results, the share price jumped more than 2.5% during trading. By the early afternoon, the stock was trading at 2,320.25 rupees, marking a 2.43% increase and touching a peak of 2,324.60 rupees.
With this growth in share price, the company’s market capitalization witnessed an increase of about 40,000 crores, reaching a whopping 15.70 lakh crores. In the aftermath of these financial results, several brokerage firms have revised their target prices for Reliance’s shares.
Reliance Industries Share Price: Analysts’ Perspective on Reliance’s Future
Industry analysts believe that the company should now prioritize monetizing 5G, as the rollout for Reliance Jio is nearing its completion. Although the company has dismissed speculations about tariff hikes, Kotak Institutional Equities suggests that considering the anticipated growth in the subscriber base and consumer engagement with 5G, a tariff increase could be on the horizon.
Brokerage recommendations are quite varied. While the target price for Reliance’s shares has been set at 2,725 rupees by Kotak, ICICI Securities has revised its target to 2,585 rupees. Prabhudas Lilladher believes the stock’s justified price should be around 2,618 rupees, whereas Nuvama Institutional Equities has placed its target at 2,950 rupees. YES Securities emphasized that new energy and 5G businesses will be pivotal growth drivers for Reliance in the coming days. Highlighting the company’s significant investment of 75,000 crores in the green energy value chain, Nomura India has retained its Buy rating for Reliance shares, with a target of 2,925 rupees. Notably, Jefferies has also revised its target for the company’s shares, pegging it at an optimistic 3,000 rupees.
With a considerable increase in its quarterly profits, Reliance Industries is attracting significant attention from analysts and investors. The spotlight is now on the company’s strategic moves in the 5G domain and its ventures in the green energy sector.
