Reliance Industries Shares Break Earlier Record, Trade At All Time High Ahead Of Q3 Results; Here's Why

The share price of Mukesh Ambani-led Reliance Industries Ltd (RIL) traded at their record high level at 2690.90 in the early morning trade on Thursday (January 11). RIL shares were up 1.17% at Rs 2681 per share at 10:08 am IST today.At this price, the company has a market capitalization (Full) of Rs 18,15,774.37 crore.

One should note that today is the second consecutive day when Reliance Industries shares have hit their lifetime high as the RIL stock hit an all-time high of Rs 2658.95 on January 10, 2024. As of today, shares of RIL have a 52-week high and 52-week low of Rs 2,690.90 and 2,012.14 respectively. RIL shares fell to its 52-week low of Rs 2012.14 on March 20, 2023. Reliance Industries is expected to announce its third-quarter results on Jan 19, 2024.

RIL shares ended at Rs 2649.95 level, up 2.69% in the previous session on BSE. On Wednesday, addressing the 10th edition of the Vibrant Gujarat Summit, RIL Chairman Mukesh Ambani said that Reliance will play a major role in making Gujarat a global leader in green growth. "We will help Gujarat's target to meet half of its energy needs through renewable energy by the year 2030". Ambani also informed that a 5000-acre Dhirubhai Ambani Green Energy Giga Complex in Jamnagar is poised for commissioning in the latter half of 2024. Spanning 5,000 acres, this complex is expected to be one of the largest integrated renewable energy manufacturing facilities in the world.

In his address, Ambani also said that the group is establishing a world-class carbon fiber facility at Hazira, in a bid to establish Gujarat as a frontrunner in New Materials and the Circular Economy.

Leading brokerages endorse RIL shares as a favorable investment.

Based on recent deals we find it an attractive risk-reward proposition given potential triggers in the next 12-18 months such as an uptick in wireless broadband, mobile tariff hike, operating leverage after recent expansion in retail, and potential IPO of Jio and/or retail units," said global brokerage firm CLSA according to The Economic Times report.

Recently, Goldman Sachs reiterated its Buy rating on RIL stock, while downgrading its rating on other oil stocks.
The brokerage firm retained its Buy rating on the back of "exposure to structurally growing consumer and tech businesses, compounding with a robust oil to chemical business". Goldman Sachs' 12-month target for Reliance Industries now stands at Rs 2,885 versus Rs 2,660 earlier.

RIL Stock price performance:

In the last three months, RIL shares have gained 13.86%, while the stock is up 4.65% in the last six months. In the last one year, RIL shares have gained 14.65%, while in the last two years, the returns from the stock have increased 17.84%.