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RIL Stock Hits 52-Week High Twice In A Week: Does Stock Offers Further Upside?
On Friday (July 10, 2020) even as the markets were trading weak and ended lower what came out as the top gainer has been the stock of RIL which managed to close 2.95% higher at Rs. 1878.5. While during the trading day, it hit 52-week high for the second consecutive time in a week of Rs. 1884.4 per share.
Since the lows of Rs. 867 on March 23, 2020, the stock has now zoomed by over 100% on the back of back to back investments in its Jio Platforms as well as the overwhelming response of its first rights issue in 29 years. The pace of fund mopping also led the company to become debt free ahead in time which the company's owner promised its shareholders by March 2021 in its last AGM.
Now as a recent development, the oil to telecom conglomerate has announced start of its RIL-bp fuel retailing JV which will begin the selling of fuel as well as Castrol lubricants. "Reliance Industries continues to power ahead, striking deal after deal, to trade at lifetime highs. It has been a dream run both for Reliance and its shareholders, despite all the gloom post COVID-19," Aamar Deo Singh, Head Advisory, Angel Broking, told a leading business daily
Also, capitalizing on the current environment where video-conferencing platform has topped in demand given the work from home regime, the company has come up with JioMeet to give tough competition to Google Meet, Zoom etc.
Prospects of RIL Stock Going Ahead
"Becoming a debt-free company, turning into a tech company, and entering into strategic tie-ups with global leaders such as Facebook, KKR amongst others, have greatly helped the company," Aamar Deo added. He advised investors to adopt a cautious approach as the stock has gone too far too fast. "Overall the uptrend remains intact and it appears to be within striking distance of the 2000-mark," he said.
Now as there are news doing the round that the company is considering a stake in Future Group will also give a fillip to the company's retail venture. "Technically speaking till the time it is above 1750 it may reach the target of 2033-2070", said Vishal Wagh, Head of Research, Bonanza Portfolio Ltd.
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