On Wednesday, shares of Reliance Industries Limited (RIL) rose past the Rs 2,000-mark to a new all-time high of Rs 2,001 apiece. It was one of the most active stocks on NSE for the day. Its market cap has now surpassed the Rs 13 lakh crore, the highest for any company listed on the Indian stock exchanges.
Recently, RIL notified that the meeting of the Board of Directors of the company to consider and approve the standalone and consolidated unaudited June-ended financial results was postponed to 30 July from 24 July earlier.
The reason for the deferment of the meeting was not specified in the stock exchange filing.
After several promising announcements at its annual general meeting held virtually on 15 July, multiple deals from foreign investors, debt-free status and a strong growth outlook, has made brokerages turn bullish on the stock.
Japanese brokerage firm Nomura has a 'buy' recommendation on the oil-to-retail conglomerate with a target price to Rs 2,200 from Rs 1,900 earlier. The stock has surged over 60 percent in the last three months, largely after it signed deals with 14 foreign investors to sell over 25 percent stake in the conglomerate's digital arm Jio Platforms.
These investors have now acquired close to 33 percent stake in Jio Platforms through their investments with Facebook Inc purchasing the biggest chunk of 9.9 percent, followed by Google, that has agreed to invest Rs 33,737 crore for 7.7 percent stake.