Reliance Industries Shares Surge After Strong Q2 Results
Reliance Industries shares rose more than 8%, marking its best day since January 2024, after a robust quarterly performance and positive analyst outlook.
NEW DELHI, Nov 2: Reliance Industries Ltd (RIL) shares surged over 8% on Monday, marking their largest single-day gain in more than six years. The stock closed around Rs 1,252-1,253, surpassed a key resistance level of Rs 1,234, and reached an intraday high of Rs 1,259. This performance drew attention to the company’s robust quarterly earnings.
Analysts attribute the surge to strong results from Reliance’s oil-to-chemicals (O2C) division, which reported a 68% increase in EBITDA during the July-September period. Market expert Rakesh Bansal noted that the impressive financial performance has fueled investor confidence and suggests the potential for further gains, with a target of Rs 1,325 identified for short-term trading.
Longer-term projections estimate the stock could rise to Rs 1,500, indicating a potential upside of 33% from previous closing prices. Bansal pointed out the value of Reliance’s stake in Jio Platforms, valued at approximately Rs 13 lakh crore, as a significant driver for future growth. He suggested the possibility of a stake sale or partial divestment in Reliance Retail could unlock further value for investors.
Virat Jagad, a Senior Technical Research Analyst, also noted that the stock is showing signs of a strong recovery, with increased trading volumes and a favorable Relative Strength Index (RSI) above 60, suggesting positive momentum.
The surge in stock price contributed to Reliance Industries’ market capitalization exceeding Rs 17 lakh crore, making it a focal point on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
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