Reliance Industries: Historic rise in shares of Reliance Industries, market cap crosses Rs 19 lakh crore
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Reliance Industries Share Price: The country’s largest company Reliance Industries has created a new record in the share market. The company’s stocks reached historic highs. The company’s shares reached a high of 2897 with a rise of 7 percent around 2 pm. Due to this, the market cap of the company has reached a lifetime high of Rs 19.60 lakh crore. Out of this, today Reliance has earned Rs 1 lakh crore. Earlier, after rising by 9% in December 2023 and 4% in November 2023, the stock has seen a stormy rise of 11% in January. This is also the biggest one-day gain in the stock after September 2020. Reliance shares have given positive returns every year since 2015 and due to the surge seen in November and December, the company has given a huge return of 11.5% to investors in 2023 also.
Company records record EBITDA in oil and gas business
Reliance Industries stock took support at its 100-day moving average of ₹2,447 in December and has been moving steadily upward since then. The Relative Strength Index (RSI) on the stock currently stands at 68. If this index crosses 70 points then the stock can be brought into the overbought region. The company’s oil and gas business recorded record quarterly EBITDA, with margins expanding to 86% from 70% in the previous quarter. Reliance Retail continued its stellar performance by registering record revenues and EBITDA during the quarter. The brokerage house believes that there is potential for value to be unlocked in retail, digital services and financial services portfolios. Let us tell you that in the last trading session i.e. on January 25, 2024, the market cap of the company was Rs 18,33,737 lakh crore.
Brokerage houses are bullish on the stock
After the last quarter results of Reliance, many brokerage houses have expressed confidence in the company’s stock. Elara Securities has increased the target price of Reliance Industries stock. Let us tell you that today there has been a stormy rise in the stock market. At 3 pm, the Sensex was trading 1,287 points higher at 71,987. Whereas, Nifty was also trading at 21,758.75 with a rise of 1.90 percent i.e. 406.15 points.
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