Shares of the country’s most valued company – Reliance Industries – rose as much as 5.65 per cent, its biggest single day gain since March 3, 2021, to hit an intraday high of Rs 2,090 on the back of heavy trading volumes. As many as 12.97 lakh Reliance Industries shares changed hands on the BSE compared with an average of 3.92 lakh shares traded daily in the past two weeks, data from stock exchange showed. (Track Reliance Industries share price here)
On the National Stock Exchange, Reliance Industries saw over 1.5 crore shares change hands, NSE data showed.
With surge in Reliance Industries shares, its market capitalization jumped to Rs 13.20 lakh crore on the BSE.
Reports suggest that global research firm – Jefferies – has recommended buying Reliance Industries for target price of Rs 2,580 per share.
Last month, billionaire Mukesh Ambani-promoted Reliance Industries said that its profit rose 108 per cent to Rs 13,227 crore in quarter ended March 2021 from Rs 6,348 crore during the corresponding period a year ago. On a sequential basis, Reliance Industries profit rose 1 per cent from Rs 13,101 crore. Its revenue from operations rose 11 per cent to Rs 1.55 lakh crore. The oil-to-telecom giant’s profit for the financial year came in at record Rs 53,739 crore with growth of 34.8 per cent.
Its retail arm – Reliance Retail’s net profit for March quarter jumped 23 per cent to Rs 2,247 crore. The company had 12,711 operational physical stores and opened 826 stores during the quarter, Reliance Industries said.
As of 12:57 pm, Reliance Industries shares traded 5.6 per cent higher at Rs 2,089, outperforming the Sensex which was up 0.53 per cent. Reliance Industries was top contributor towards gain in the Sensex with a contribution of 322 points.