RIL Shares Less Than 2% Away From Their 52-Week High Price; Check Details

Reliance Industries shares in trade on April 20, 2022 have been again moving higher after previous day's gains. Last at around 12:19 pm, the stock traded at Rs. 2700 per share, up over 2%. At day's high, the stock has hit a price of Rs. 2731 which is very close to the 52-week high price of Rs. 2751.35 per share on the NSE.

On the sharp gains, the market cap of the most valuable Indian scrip has gained to Rs. 18,24,006 crore.

The markets after sharp correction on the previous day has seen a breather with Nifty moving above 17000 levels which has been breached in the previous session on fag day end sell off.The company's recent endeavours in the New Energy space has made it to be a re-rating candidate. Likewise, brokerage firm Motilal Oswal is optimistic on the stock and gave it a target price of Rs. 2880 and said the" company has taken a step further, by announcing its vision to replace fossil fuels used in the Jamnagar complex with renewables, thereby utilizing synthesis gas from its gasifiers to manufacture a host of organic chemicals. While it is difficult to say, at this juncture, whether RIL would be able to replicate its success stories of Jio and Retail in these, this report highlights the prospects of these initiatives".