Reliance Industries shares rise: Reliance Industries shares rise sharply
- Shares of Reliance Industries hit a new record on Friday
- The market cap of the company went beyond Rs 15 lakh crore.
- According to analysts, the company’s stock could go up to 2500
Shares of Reliance Industries, led by Mukesh Ambani, the richest man in Asia and India, rose 3.73 per cent to a new high of Rs 2,379.25 on the BSE on Friday. With this, the market cap of the company crossed Rs 15 lakh crore. Reliance is the most valuable company in the country. Reliance Retail, a retail arm of Reliance, has acquired local search engine platform Just Dial Limited. Since then, investors have been enthusiastic about Reliance shares.
Shares of Reliance hit a record high in September last year. The stock was trading at Rs 2,359.65, up 2.88 per cent at 2 pm, according to BSE data. It has grown by about 15 per cent since July. The reason for the rise in the company’s shares is that investors are expecting it to rise further in the coming days. The second wave of corona has led to lockdowns locally in many states in the country. This affected Reliance’s retail and refinery operations in the June quarter. But now that the restrictions have been relaxed, the situation is improving rapidly. This is expected to boost Reliance’s retail business in the September and December quarters.
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Vodafone Idea will benefit if it shuts down
On the telecom front, investors are hoping that the closure of Vodafone Idea will bring more customers into Reliance Jio’s bag. One by one, the way back to the debt-ridden Vodafone Idea is closing. While the promoters have refused to invest further in the company, the company’s plan to raise money has not been successful so far. Jio is going to start selling JioPhone Next soon. The company has created this in collaboration with Google. It is considered to be the cheapest smartphone in the world.
Geophone Next will launch nationwide on September 10th. According to brokerage firm Motilal Oswal, this will increase the number of Reliance Jio customers. Shares of Reliance hit a record high in September last year. Meanwhile, the Nifty 50 has risen from 11,200 to 17,200, but Reliance’s stock has not performed as expected. During this period, Reliance’s weight in the Nifty 50 has come down from 15 per cent to 10 per cent.
Shares of Reliance Industries at 11-month high, find out how much this stock will go up now
How high can the stock go?
Some analysts say that Reliance’s stock situation may be different this time around. Technical analysts believe that the company’s stock could rise significantly this time around. According to Sachchidanand Uttekar of Treadbulls Securities, the company’s stock could touch Rs 2,440-2,460 by the end of this month. He, this is one of my top stocks for this month. It will continue to gain momentum in the coming days. It can go up to the level of Rs 2500.
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