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RIL Shares Surge 3%; CLSA Maintain Buy Call With A Target Price Of Rs. 1770
Reliance Industries shares on Tuesday rallied up to 3% as sentiments improved globally and after global research firm CLSA hiked target price for the stock by as much as 20% from current price levels to Rs. 1770 per share while also maintaining 'buy' call for the stock.
On May 5, 2020, the stock in trade today rallied to a day's high of Rs. 1478.80 per share.
As per the CLSA, two latest investments in Reliance Jio by Facebook and Silver Lake will position the firm as a technology giant.
Also at the same time stake sale plan in InvIT and progress in Aramco deal are also positive for the conglomerate firm.
In its March ended results, the company's retail and Jio arms helped the company tide over the fall-out in its refining division which reported a fall in net profit by 45.5%. The net profit at the firm stood at Rs. 6348 crore.
Last, the stock traded at a price of Rs. 1468.6 per share on the BSE.
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