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Reliance Industries Shares Gain Up To 2.5% In A Subdued Market
Shares of heavyweight company Reliance Industries climbed 2.5% intra-day to a high of Rs. 2624.85 per share. This is a gain of 2.5% over the previous day's closing at Rs. 2560 apiece on the NSE. The gains in the shares even as the market trend is subdued with the headline indices in trade today hitting fresh 52-week lows.
The gains in the stock have come off after brokerages have upgraded the stock to 'Overweight' and also revised the target price of the stock higher.
As per foreign brokerage, the oil to telecom conglomerate's margins would be 50% higher than its last peak season in mid-2008.
Also, the speculations regarding the company's upcoming AGM are being made by the various brokerage houses. As per JP Morgan, the company is likely to consider de-merger of the retail and telecom business. "We do not expect any concrete timelines from this year's AGM on the consumer businesses IPOs (Jio, Retail), even though media reports have talked about IPOs of these businesses," JPMorgan said in a note on Wednesday.
Meanwhile, last at the time of writing this copy at around 2:52 pm, the stock is trading higher by over 2% at Rs. 2613.3 per share on the NSE.
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