Reliance Industries Ltd, on Friday, crossed Rs 21 lakh crore in market value after the shares of the oil-to-telecom conglomerate surged more than 20 per cent in the past six months.
Shares of the Nifty 50 heavyweight rose more than 1.50 per cent on Friday, taking the price to over Rs 3,100. This, even as benchmark indices Sensex and Nifty hit their new all-time high levels in early trade on Friday.
Over the last four sessions, Reliance has added nearly Rs 1,33,000 crore to the company's market capitalisation.
The rally in the Reliance stock comes after global brokerage firm Jefferies hiked its target price from Rs 3,380 to Rs 3,580. The brokerage firm also has a 'Buy' recommendation on the stock.
"The projected robust economic growth in India is expected to benefit leading Indian companies, including Reliance Industries. The textile, petrochemical, telecom, and retail businesses are all expected to thrive in the upcoming quarters. The market is anticipating a fresh rally in the stock post the Union Budget 2024," The Mint quoted Sandeep Pandey, founder of Basav Capital, as saying.
The rally in Reliance also comes after Reliance Jio announced a 12-27 per cent hike in mobile tariffs. This is the first time in two-and-a-half years that the telecom operator hiked the fares.
