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Reliance Industries surges 3%, trades at five-month high

sonasmultimedia by sonasmultimedia
November 28, 2022
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Shares of Reliance Industries (RIL) hit an over five-month high at Rs 2,693, on surging 3 per cent on the BSE in Monday’s intra-day trade. The stock of the country’s largest listed company, in terms of market capitalisatison, traded higher for the third straight day, and has gained 5.4 per cent during the period. The stock was quoting at its highest level since June 10, 2022, it’s record high stands at Rs 2,855, registered on April 29.


After underperformance in the past three months (up 3 per cent) and six months (up 4 per cent), as compared to 6 per cent and 14 per cent rise, respectively, in the S&P BSE Sensex during the same period, RIL has outperforming the market in the past one week (up 5.5 per cent) and one month (up 6.5 per cent).


As per media reports, Reliance Retail is planning to enter the artefacts business. The first of its artisan-centric stores called ‘Swadesh’ will come up in Delhi’s Connaught Place area.


Entry into the gifting segment presents a huge opportunity for Reliance as the segment is largely unorganised with only a few organised players having a pan India presence. The key monitorable would be the product category and price points that the company targets. The ability to source articles at prices which can keep the final consumer prices at levels which are comparable to existing competition would be critical for growth of the business, ICICI Securities said in a note.


Meanwhile analyst at BNP Paribas, have ‘Buy’ rating on RIL with a target price of Rs 2,765 per share. According to brokerage firm, the telecom industry’s subscriber mix continues to improve. However, there is a large upgrade opportunity ahead, as one-third of industry subscribers are still using feature phones (including JioPhone).


As high-end consumers move to 5G, their data usage is set to increase, and we believe this presents an opportunity for upgrading to larger packs. The industry’s subscriber base has remained stable despite price hikes and we feel this will give operators the confidence to take further tariff hikes. Overall, the brokerage firm expects strong revenue growth and operating leverage benefits to continue for Airtel and Jio, the brokerage firm said.



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