News Karnataka
Thursday, September 28 2023

Reliance Industries outshines benchmark index, shares rise 14% in 1 month

Reliance Industries
Photo Credit : IANS

New Delhi:  Shares of Reliance Industries Limited have outperformed the broader market benchmark indices over the past one month.

During the said period, the shares of the company rose nearly 14 per cent against a rise of little over 2 per cent in the benchmark Sensex index.

The rally in share prices for the Indian company comes amidst volatility in the global financial markets amid geopolitical war and skyrocketing crude oil prices. Rising gas and fuel prices are expected to bore well for the Indian oil-to-chemical company.

Coming to its earnings, it had posted a 41.5 per cent rise in net profit during the Q3FY22 quarter, helped by an uptick in refining and retail businesses, according to reports.

Also, an upward revision in prepaid tariffs by domestic telecom majors is expected to raise average revenue per user (ARPU) of the telecom operators.

In November 2021, Reliance along with Vodafone Idea and Bharti Airtel raised their prepaid tariffs by around 20 per cent each, respectively.

Earlier this month, Nasdaq-listed integrated manufacturing solutions company Sanmina Corporation and Reliance Strategic Business Ventures, a wholly-owned subsidiary of Reliance Industries, have entered into an agreement to create a joint venture through an investment in Sanmina’s existing Indian entity named Sanmina SCI India in order to create a world-class electronic manufacturing hub in India, in line with the country’s ‘Make in India’ vision.

At 2.01 p.m., shares of Reliance Industries traded at Rs 2,598.00, up 0.8 per cent from the previous session.

In view of this, Global investment banking firm Morgan Stanley has set a share price target for the company at Rs 2,926, with an “overweight” rating.

“Multiple positive triggers are lining up for RIL to outperform. Interestingly, these triggers are in areas where investors have been most skeptical about new energy with battery incentive wins, refining margin pickup and asset monetisation for petcoke gasifiers,” it said.

Share this:
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Editor's Pick

Find the best odds at 10Cric and IPL Betting 2023! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp