By: ABP News Bureau | Updated at : 28 Jun 2024 06:13 PM (IST)
On Friday, Reliance Industries' shares were closed at Rs 3131.85 apiece, reflecting a 2.31 per cent rise on the BSE. ( Image Source : Getty )
Reliance Industries Ltd (RIL) has achieved a significant milestone, with its market value exceeding Rs 21 lakh crore. This achievement comes on the back of a more than 20 per cent increase in its stock value this year, marking the company as the first Indian firm to reach this landmark.
On Friday, Reliance Industries' shares were closed at Rs 3131.85 apiece, reflecting a 2.31 per cent rise on the BSE. The stock's uptick followed the announcement by Reliance Jio Infocomm Ltd of new unlimited plans, effective from July 3. The new tariffs range from Rs 189 for 2 GB/month to Rs 3,599 for a 2.5 GB/day annual plan, with unlimited 5G data included for plans of 2 GB/day and above.
In a further boost, Jefferies raised Reliance's price target to Rs 3,580 from Rs 3,380 on June 28, indicating a 17 per cent upside from Thursday's close. The brokerage maintained a 'Buy' rating, predicting Jio's revenue and profit to grow annually by 18 per cent and 26 per cent, respectively, from FY24 to FY27.
Similarly, Morgan Stanley maintained an 'Overweight' rating with a Rs 3,046 stock price target, noting that the tariff hikes align with expectations and foreseeing new energy cashflow streams by the end of the year. The investment bank does not anticipate further tariff hikes until FY27 but suggested that a 20 per cent tariff increase next year could enhance earnings by 10-15 per cent.
Of the 35 analysts covering Reliance, 28 recommend a 'Buy,' five suggest 'Hold,' and two advise 'Sell.'
This landmark achievement underscores Reliance Industries' robust growth trajectory and its dominant position in the Indian market.
Meanwhile, the two key equity benchmarks, Sensex and Nifty, settled lower on Friday, despite hitting fresh record highs earlier in the day. The BSE Sensex settled 210 points lower at 79,032, while NSE Nifty50 slipped 34 points to 24,011. The Sensex jumped 428 points to hit a fresh record high of 79,672, while NSE Nifty50 rose 130 points to hit a new all-time high of 24,174.
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