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Updated On : 15 May 2024 | 11:35 AM ISTIndia's most valuable stock Reliance Industries rose about 1.1% ahead of an annual general meeting due later in the day
Analysts see more gains in Reliance Industries stock
Over the past two months, it has announced the sale of $ 14 billion of assets, completed a $7 billion rights issue and slowed the run rate of new investment by a quarter
Market players say strong demand for issue underscores investors faith in firm's long-term prospects
Most brokerages expect the company to do well over the coming quarters and peg the target price for the stock higher than its current market price. Subscribing to the issue makes sense, they say
J P Morgan said that the core energy business could be staring at multi-year slump
The company looks to raise Rs 53,125 crore through this rights issue, which will be the first by RIL in three decades
The stock hit a two-month high today and has recovered 68 per cent from its last month low of Rs 876 touched on March 23, in an intra-day deal.
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The company's scrip zoomed 9.74 per cent to Rs 1,035 on the BSE
RIL had hit a 52-week low of Rs 1,094.95 on Monday (March 9) owing to crash in crude oil prices after Saudi Arabia and Russia triggered a price war.
It cautioned that its fundamental bear case is nearly 35 per cent below current price and it would assign at least a 30 per cent weight to each of the risk factors.
The Delhi high court ordered RIL and BG Exploration and Production India Ltd, a unit of Shell India, to disclose their assets after the Centre sought to restrain the companies from disposing them
RIL stock valuations may surge 29% from current level; brokerages bet big on refinery business, Reliance Jio
Brokerages expect the stock to gain by as much as 29 per cent from current levels
The company on Thursday became the first Indian firm to hit the Rs 10 lakh crore market valuation mark following a spike in its share price.
The company could soon break into the top 5 most-valued oil & gas stocks
In the past seven trading days, RIL has outperformed the market by gaining 8 per cent, after Reliance Jio, the telecom arm of the company, said it will increase tariffs in next few weeks.
On Tuesday, RIL became the first Indian company to cross the m-cap of Rs 9.50 trillion.
The Mukesh Ambani-led company is slated to release its September quarter results later in the day where it is expected to report a strong quarter for the July-September period.