RIL share value surged more than 2 per cent to scale a fresh record higher of Rs 2,724.70 apiece on BSE in intraday bargains. Mukesh Ambani’s Reliance Industries Ltd on Sunday announced two back-to-back acquisitions: i) $771 million (about Rs 5,800 crore) buyout of Norway-based solar panel manufacturer REC Solar Holdings ii) obtain of 40 per cent stake in Shapoorji Pallonji Group’s Sterling & Wilson Solar, as the firm aims to make a multi-billion-dollar clean power portfolio. RIL surpassed its preceding record higher of Rs 2,683.90 per share, hit on 8 October 2021. Technical analysts say that the chart patterns appear to be really bullish in RIL, and see an additional 10 per cent rally from the present levels.
In trading volume terms, 27.59 lakh shares have exchanged hands on BSE, although a total of 34.06 lakh shares traded on NSE so far. “The investors can add more with stop loss below Rs 2580. Reliance Industries is expected to continue to rally and the upper side target will be Rs 2750-2880 till Diwali,” Vishal Wagh, Head of Research, Bonanza Portfolio, told TheSpuzz Online. Wagh also added that Nifty is also displaying bullish indication. “Since last month, RIL is outperforming broader indices as well. And the same trend may continue,” Wagh added.
Reliance Industries Ltd aims to be carbon free of charge by year 2035 and has emerged to be one of the big players in this space. RIL’s company is effectively diversified and the future outlook appears fantastic, stated an analyst. The stock has currently rallied about 10 per cent from Rs 2,500 level, and Gaurav Garg, Head of Research at CapitalVia Global Research, expects consolidation in the next couple of months. “Also, it will be interesting to watch the GRMs for its petrochemical business as crude has been rallying and is well settled above $75, therefore GRM is expected to be better in Q1FY22. Long term Investors can wait for another two quarters if stocks sustain above 2400.In my opinion, every dip near this level will be an opportunity to accumulate stock for the levels of 3000 in FY22,” Garg told TheSpuzz Online.
Last week, international brokerage and study firm Morgan Stanley, raised RIL share value target to Rs 2,925 from the preceding Rs 2,269, saying that it expects silicon and hydrogen to emerge as next decade’s ‘New Oil’ for Mukesh Ambani’s firm. “With strong acquisitions leading in the solar power sector, steady growth in retail & telecom segment coupled with a hugely positive sentiment, Reliance Industries stock has hit an all-time high. Technically, investors should keep booking profits at current levels or hold buys with a strict stop loss of 2580,” Pavitraa Shetty, Co-founder & Trainer, Tips2Trades, told TheSpuzz Online.
(The stock suggestions in this story are by the respective study and brokerage firms. TheSpuzz Online does not bear any duty for their investment tips. Please seek advice from your investment advisor ahead of investing.)