Reliance Share Price: Reliance Industries (RIL) witnessed an unprecedented surge in its share price, reaching a historic high of ₹2,824.00 on both the BSE and NSE. The conglomerate’s market capitalization soared to an impressive ₹19 lakh crore, making it the most valued company in the Indian stock market.
RIL stock’s remarkable rally, contributing nearly 89 points to Nifty 50’s gains, underscores the company’s dominant position. The Nifty 50 index itself experienced a substantial uptick, trading 303.70 points, or 1.42%, higher at 21,656.30.
Over the past month, Reliance shares have gained nearly 9%, with an impressive 24% surge in the last three months. The three-year returns on Reliance shares stand at an impressive 53%, reflecting sustained growth and investor confidence.
The surge in Reliance Share follows the Q3FY24 financial results released on January 19, revealing an 11% YoY rise in net profit to ₹19,641 crore. Reliance Industries reported a gross revenue increase of 3.2% YoY to ₹2,48,160 crore, primarily driven by continued growth in consumer businesses. While retail and oil & gas segments contributed significantly to revenue, the oil-to-chemicals (O2C) arm saw a decline due to lower price realization.
Reliance Industries’ EBITDA for the December quarter surged by 17% to ₹44,678 crore, driven by robust performances in the retail and oil & gas segments. Notably, the Digital Services segment’s EBITDA rose 11% YoY, with an average revenue per user (ARPU) of ₹181.7 and a 9% YoY increase in the customer base to 471 million.
Analysts, recognizing the conglomerate’s potential, maintain positive outlooks. Reliance Industries’ stock target price has been raised by various brokerages, with projections reaching ₹3,105 per share. Nuvama Institutional Equities emphasizes the need for a valuation re-rating, considering the company’s strides in the New Energy business, strategic mergers & acquisitions, and plant progress.
As of 12:00 pm, Reliance shares were trading 4.11% higher at ₹2,821.85 on the BSE, solidifying its position as a market leader with a market cap of ₹19.08 lakh crore.
