Reliance Industries stock reclaims ₹3,000 level after 15 sessions, hits new record high

livemint.com:

Reliance Industries, India's largest company by market capitalisation, reclaimed the ₹3,000 mark in today's trading session after a 15-session gap, setting a new record high of ₹3,037.95 per share by gaining 4.50%.By the session's close, the stock settled at ₹3,028, reflecting a significant 4.12% increase, marking its third-largest intraday gain in CY24 thus far. The rally propelled the company's market capitalisation to reclaim the ₹20 lakh crore mark, reaching ₹20.48 lakh crore, with an addition of ₹81,203 crore today.Also Read: Raymond stock crosses ₹3,000 mark as gains extend for 4th straight dayThe stock lagged in the recent market rally, showing an 8.3% increase in the last 15 sessions as compared to the Nifty 50's 9% surge, and has risen by 5.85% in June so far, slightly underperforming the Nifty 50, which gained 5.94% over the same period.

However, the stock has recorded a 17.84% rise in CY24 so far, surpassing the index's 9.84% advance.As Reliance Industries participated in the market rally, it propelled the Nifty 50 to touch another all-time high of 23,889 points, nearing the ₹24,000 mark. Out of the index's 147-point rally today, Reliance Industries contributed 86.62 points, accounting for 59% of the total gain.Also Read: Multibagger: Lumax Auto stock grows 230% in 2 years, 400% in 5 years; is it still a ‘buy’?Following its Q4FY24 results, domestic brokerage Motilal Oswal has maintained its 'buy' rating on the stock with a target price of ₹3,245 per share.

The brokerage highlighted robust performance in the consumer business, projecting double-digit EBITDA growth.Specifically, it expects RJio and Reliance Retail to achieve 14% and 25% EBITDA CAGR, respectively, from FY24 to FY26. This growth trajectory is