Market Milestone Achieved
Reliance Industries achieves a significant milestone as reliance share price skyrockets, crossing the remarkable threshold of ₹19 lakh crore in market capitalization.
Record-Breaking Performance
On Monday, Reliance Industries witnessed a historic surge in reliance share price, reaching an unprecedented high of ₹2,824.00 on the Bombay Stock Exchange (BSE), marking a substantial increase of 4.19%. Simultaneously, on the National Stock Exchange (NSE), the share price surged by 4.35% to the same record level.
Dominance in Index Contributions
The staggering performance of Reliance share price positioned the company as the top contributor to the Nifty 50 index, with RIL shares contributing nearly 89 points to the index’s overall gains. Consequently, the Nifty 50 index surged by 1.42%, trading at 21,656.30 points.
Corporate Financial Health-Reliance share price
The billionaire Mukesh Ambani-led conglomerate reported a remarkable 11% year-on-year rise in net profit, amounting to ₹19,641 crore for the third quarter of FY24. This impressive financial growth is attributed to the company’s robust performance across various segments, particularly in consumer businesses.
Strategic Business Expansion
Reliance Industries continues to expand its business horizons, evident from its sustained growth momentum in retail and oil & gas segments. Despite a slight decline in revenue from the oil-to-chemicals arm due to lower price realizations, the company’s overall gross revenue in Q3FY24 increased by 3.2% year-on-year to ₹2,48,160 crore.
Analyst Projections and Market Outlook
Financial experts and brokerage firms express optimism regarding Reliance Industries’ future prospects, emphasizing the company’s potential for further growth and valuation re-rating. Analysts at Emkay Global Financial Services maintain an ‘Add’ rating on Reliance Industries, projecting a target price of ₹2,950 per share. Similarly, Nuvama Institutional Equities raises its target price to ₹3,105 per share, citing strategic mergers, acquisitions, and advancements in the New Energy business as key drivers for the upward trajectory.
| Key Points |
|---|
| Reliance share price hits record high |
| Market capitalization crosses ₹19 lakh crore |
| Share price surged by 4.19% on BSE, 4.35% on NSE |
| Top contributor to Nifty 50 index |
| Net profit rose by 11% in Q3FY24 |
| Gross revenue increased by 3.2% YoY in Q3FY24 |
| EBITDA rose by 17% in Q3FY24 |
| Retail and oil & gas segments drove revenue growth |
| Analysts project optimistic future for Reliance Industries |
| Emkay Global Financial Services target price: ₹2,950/share |
| Nuvama Institutional Equities target price: ₹3,105/share |
