After hitting another feat in the last week's trade of becoming the first Indian company to score market cap of $200 billion, Reliance Industries, is believed to touch new high as strategic investments into Reliance retail business are likely to pour in similar to stake sale in Jio Platforms.
There are news doing the rounds that Carlyle is eyeing investment in Reliance Retail worth $2 billion, which shall be the largest in India's retail by the company.
The stock has recovered from March's rout when it dropped to a 52-week low of Rs. 867.82 per share in March to last end at Rs. 2318.85 per share, i.e. gains of over 160%.
RIL has been primarily focusing on asset monetization as well as becoming debt-free.
And technical analysis in the counter expect the stock to scale to Rs. 2500 in next few weeks and even surpass the Rs. 3000 milestone in the next few months.
Here's what one of the analyst at Motilal Oswal views for the stock:
The trend in the stock is positive and the counter gave a consolidation breakout recently. And has the potential to scale to Rs. 2450- Rs. 2500 in the next few weeks and then it can go to Rs. 2650- Rs. 2700. One can buy at current levels with a stop loss of Rs. 2250 and with a target of Rs. 2700 in next 3 months. . From one year point of view, it can go to Rs 3,000 in six months to one year.