Reliance Industries Shares Hit Record High After Large Trades

Reliance Industries Ltd.’s stock jumped to a record high after multiple large trades.

More than 3.40 lakh shares of the oil-to-telecom conglomerate exchanged hands in 10 large trades, according to Bloomberg data. The deals took place between Rs 2,417.9 and Rs 2,478.7 apiece, aggregating to nearly Rs 84 crore.

The stock rose as much as 3.8% to its all-time high of Rs 2,480 apiece. The scrip has been gaining for the fourth consecutive session.

Separately, on Friday, Reliance Strategic Business Ventures Ltd., a wholly owned subsidiary of RIL, acquired 2.28 crore shares in Strand Life Sciences for Rs 393 crore. The Reliance unit, in an exchange filing, said a further investment of up to Rs 160 crore was expected to be completed by March, 2023. “The total investment will translate into 80.3% of equity share capital in Strand on a fully-diluted basis.”

In a note dated Aug. 29, Morgan Stanley wrote that Reliance Industries’ implied valuations are attractive compared to global energy peers, Indian retailers and telcos. “With domestic and global demand across retail, chemicals and fuel seeing normalisation, an upgrade cycle is in the works after nearly a year,” it had said.

The relative strength index of the stock is at 84, indicating that it may be ‘overbought’. RIL’s stock has gained 24.5% so far this year, in line with the S&P BSE Sensex’s 23.1% rally. Over the past year, the stock has advanced 19% compared with the Sensex’s 53.6% jump.

Of the 35 analysts tracking the company, 23 have a ‘buy’ rating, seven suggest a ‘hold’ and five recommend a ‘sell’, according to Bloomberg data. The average of the 12-month consensus price targets implies a downside of 8.5%.

Most Related Links :
usnewsmail Governmental News Finance News

Source link

Back to top button