While the stock has increased by more than 24% in the last three months, Reliance shares have gained close to 9% in the last month. Over 53% is the return on Reliance shares after three years. On Monday, the share price of Reliance Industries reached an all-time high, surpassing ₹19 lakh crore in market capitalization. Reliance shares increased by up to 4.19% on the BSE, reaching a new high of ₹2,824.00 per share. The price of a Reliance share on the NSE surged by 4.35%, reaching a new high of ₹2,824.00 per.
The Nifty 50 index’s highest contributor was the RIL stock. RIL’s stock added about 89 points to the Nifty 50’s advances. With a gain of 303.70 points, or 1.42%, the Nifty 50 index was trading at 21,656.30. Reliance Industries is the most valuable firm in the Indian stock market, with a market capitalization over ₹19 lakh crore. While the stock has increased by more than 24% in the last three months, Reliance shares have gained close to 9% in the last month. Over 53% is the return on Reliance shares after three years.
The energy-to-telecom behemoth Reliance Industries (RIL), helmed by billionaire Mukesh Ambani, announced an 11% YoY increase in net profit for the third quarter of FY24, coming in at ₹19,641 crore. Q3FY24 saw a 3.2% YoY increase in the company’s gross sales to ₹2,48,160 crore, driven primarily by the consumer businesses’ sustained growth momentum. While the oil-to-chemicals (O2C) arm’s revenue decreased due to reduced price realisation, the retail and oil & gas segments led the revenue.
Driven by the retail and oil & gas division, the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 17% to 44,678 crores in the December quarter. Click this to read: Reliance Q3 Results: Key Takeaways: O2C sales declines, while retail and telecom divisions grow, with net profit up 11% to ₹19,641 crore.
In addition to a 9% YoY increase in the customer base to 471 million, RIL’s average revenue per user (ARPU) increased 2% YoY to ₹181.7, contributing to an 11% YoY increase in EBITDA for Digital Services. For the third quarter of FY24, Reliance’s results were essentially in line with expectations. Better Upstream (because of lower apex) and in-line Retail more than made up for the minor shortfall on our forecast for O2C and Jio EBITDA, according to Emkay Global Financial Services.
It mostly kept FY24–26E profits forecasts unchanged, but increased SOTP-based TP by 8% to ₹2,950 per share due to higher Jio EV/EBITDA objective, greater new energy value (1.5x EV/IC) as development moves forward, and rollover to Dec–24E. Regarding Reliance Industries, the firm kept its “Add” rating. Moreover Read: Nuvama Equities predicts Reliance Industries would witness a valuation re-rating driven by its New Energy segment, raising its target price.
Reliance was reportedly sprinting towards starting New Energy-chain production earlier this year, according to Nuvama Institutional Equities, with its strategic M&A, PLI victories, and facility advancement. Reliance Industries must therefore revalue its New Energy business in light of its completely backward integrated 20GW module capability. By projecting RIL’s New Energy valuation to FY26E revenues, the brokerage increased its target price for Reliance Industries shares by 5%, to ₹3,105 per share. Regarding the RIL shares, it has a “Buy” rating. Reliance shares had a market value of ₹19.08 lakh crore and were trading 4.11% higher at ₹2,821.85 apiece on the BSE at 12:00 pm.