Reliance shares hit record high, m-cap crosses Rs. 19L crore
Reliance Industries's stock soared to an all-time high on Monday, pushing the company's market capitalization past Rs. 19 lakh crore for the first time ever. At the time of writing, the stock was trading at Rs. 2,838, up by 4.7% today. The shares have experienced an 8% growth in January, building on a 9% increase in December and a 4% uptick in November last year. Since 2015, Reliance shares have consistently delivered positive returns, including an 11.5% gain in 2023.
Reliance's Q3 results drive movement in shares
In the December quarter, Reliance Industries's net profit rose by 9.3% to Rs. 17,265 crore, while gross revenue climbed to Rs. 2,48,160 crore (up 3.2% YoY). Reliance Jio witnessed a 3% quarter-on-quarter (QoQ) increase in net profit, reaching Rs. 5,208 crore, up from Rs. 5,058 crore in Q2 FY24. In Q3, Reliance Retail's quarterly profit rose 32% YoY to Rs. 3,165 crore on record sales. Gross revenue rose 23% to Rs. 83,063 crore from a year earlier.
'Buy' rating for Reliance
Nuvama Institutional Equities is bullish on Reliance Industries's New Energy ambitions, noting its rapid progress in production, strategic acquisitions, PLI (Production Linked Incentive) scheme wins, and advancing plant construction. They highlight Reliance's fully integrated 20GW module capacity as a key differentiator. Nuvama has raised its target price for RIL shares by 5% to Rs. 3,105 per share by applying their New Energy valuation to projected FY26 sales. They maintain a "Buy" rating on the stock.
