Shares of Reliance Industries reached record highs just two days after the completion of Just Dial’s acquisition on September 1. Shares of Reliance Industries reached Rs 2383.80 during intraday trading on Friday. Reliance Retail Ventures Limited (RRVL) now holds 40.98 percent stake in Just Dial. Apart from this, Reliance has also announced the launch of JioPhone Next on Ganesh Chaturthi (September 10, 2021). It also seems to make a difference in the price of the shares.
Reliance’s shares have risen 20 percent so far this year
After the new high in the shares of Reliance, the market capitalization increased to Rs 2,368.80. Earlier on September 16, the market capitalization had reached this level. In the last five days, the shares of Reliance have registered a rise of 5.42 percent. Whereas in the last one month, this stock has seen a rally of 14 percent. So far in 2021, this stock has climbed 19.71 percent. In the last five years, the shares of Reliance Industries have given tremendous returns of 360 percent to the investors.
What are experts saying
According to Ajit Mishra, Vice President (Research) Religare Broking, the company has given it a BUY rating. He says that investors should hold it with a target price of 2700.
Vishal Wagh, Head of Research, Bonanza Portfolio Limited says that investors should continue investing in Reliance Industries with a stop loss below Rs 2180. Its target price has been kept above Rs 2600 for the next few quarters. Those who have this share can retain it. Averaging can also be done with a stop loss of 2180.
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Ambani said, there will be an investment of 75 thousand crores in New Energy
Technical analysts say that short term traders can book profits in this and exit. Or you can wait for the momentum to climb keeping the stop loss in mind. Milan Vaishnav, CMT, CMST Consulting Technical and Founder, Gemstone Equity Research & Services, says that medium term investors can buy this stock with a stop loss of 2250. On Friday, Mukesh Ambani had said at the International Climate Summit that his company would invest Rs 75,000 crore in projects related to green energy in the next three years.
(Article : Surabhi Jain)
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