Reliance Industries share price hits 52-week high; experts expect more upside
Reliance Industries (RIL) continued witnessing buying interest on Tuesday as they rose over a per cent to hit their fresh 52-week high of ₹2,764.50 in morning trade on BSE. The stock opened at ₹2,750.20 against the previous close of ₹2,735.15 and rose 1.07 per cent to its 52-week high of ₹2,764.50 in the first half of trade. In the previous session, the stock had gained 3.78 per cent.
The stock is witnessing decent traction on reports about the upcoming demerger and listing of Jio Financial Services and the buyout of minority shareholders in Reliance Retail. Reliance Industries on Saturday announced in a BSE filing that the National Company Law Tribunal approved the planned demerger of Jio Financial Services. It announced the record date of July 20, 2023, for the same.
A day before the company's board decided to cancel 0.1 per cent equity held by shareholders in unlisted Reliance Retail for a consideration that values it at almost ₹8 lakh crore. The stock has underperformed the equity benchmark Sensex in the last one year; shares of Reliance Industries are up 13 per cent in the last one year against a 21 per cent gain in the Sensex. Analysts and brokerage firms underscore that the recent announcements will give a boost to Reliance Industries' stock price.
Amar Ambani, Group President and Head of Institutional Equities at YES Securities believes the stock can see a strong up-move from hereon. "I feel Reliance Industries (RIL) is reaching a stage where the value of the retail business is so phenomenal, that you are getting all other businesses free (oil & gas, refining, petrochemicals, green energy, telecom, Jio Financial), in the current price. The stock has largely underperformed the Nifty benchmark for nearly 3 years
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