Shares of Reliance Industries gained over 2% to record highs of Rs 3,129.85 on the following news Reliance Jio announced on Thursday, June 27, a tariff hike of 12% to 25% on its prepaid and postpaid plans, marking the first price increase in two and a half years.
Extending the bull trend for the fourth straight session, Reliance’s share price today opened upside at Rs 3,062.05 apiece on NSE and surged to an intraday high of Rs 3,129.85 per share, bettering its previous peak of Rs 3,075 per share, made on Thursday.
While climbing to this new peak, Reliance shares touched a new high for the third straight session.
Reliance Jio new tariff plan
Reliance Industries Limited’s subsidiary has increased the prices of its existing plans, ranging from monthly to annual. The monthly plans have seen significant revisions, with the existing Rs 155 plan now priced at Rs 189.
The two-month plan has been adjusted from Rs 470 to Rs 579, while the three-month plan has been revised from Rs 395 to Rs 479. Other plans in these categories have also been revised accordingly.
Brokerages on Reliance Industries
Jefferies on RIL
Global brokerage house Jefferies has raised its price target for Reliance Industries to Rs 3,580 per share from the previous target of ₹3,380. This new target represents a potential upside of 17% from Thursday’s closing price and is the highest target for Reliance Industries currently on the street.
Jefferies has also maintained its ‘Buy’ recommendation on the stock, citing that Jio, Reliance’s telecom arm, is expected to achieve a compound annual growth rate (CAGR) of 18% in revenue and 26% in profit after tax (PAT) between FY24 and FY27.
However, the brokerage has trimmed its estimates for Jio’s FY25-27 performance by up to 3% following the recent tariff hikes of 13-25%.
RIL share Performance in Last One Year
In terms of stock performance, Reliance Industries shares have demonstrated positive returns across multiple time frames. Over the past month, the stock has given a commendable 6.70% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 19.26%, indicating a strong upward trend.
Year-to-date, Reliance Industries shares have surged by 20%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 22.85% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.