Reliance Industries hits fresh record high; should you buy or sell stock?

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Published: March 14, 2019 11:37:16 AM

Shares of billionaire Mukesh Ambani-led Reliance Industries scaled a new peak on Thursday morning to hit fresh record high on BSE, amid heavy buying in blue chip large cap stocks. RIL shares price gained nearly 1% to hit the day’s high at Rs 1,361.45. Its mcap surged past Rs 8.56 lakh crore.

Shares of Reliance Industries hits fresh record high on BSE, gained nearly 1%.

Shares of billionaire Mukesh Ambani-led Reliance Industries scaled a new peak on Thursday morning to hit fresh record high on BSE, amid heavy buying in blue chip large cap stocks. RIL shares price gained nearly 1% to hit the day’s high at Rs 1,361.45. Its mcap surged past Rs 8.56 lakh crore.

Global brokerage firm Morgan Stanley has maintained an ‘Overweight’ call on Reliance Industries even though it believes the oil and gas major started off 2019 on a tough note . The research firm has revised the target price of Rs 1,230, CNBC TV18 reported. However, it said March sees recovery in both demand and margin for the energy business of Reliance Industries.

Meanwhile, media reports indicate that the company has halted its exports to Venezuela and will not resume operations until United States lifts its oil sanctions on the country. “Our US subsidiary has completely stopped all business with Venezuela’s state-owned oil company, PdVSA, and its global parent has not increased crude purchases,” the spokesperson of RIL was quoted as saying in PTI report.

RIL shares opened at Rs 1,350 on BSE today and surged to Rs 1,3561.45, a record 52 week high. Its market capitalisation is at Rs 8.58 lakh crore on BSE. On Wednesday shares of RIL closed at Rs 1346.75.

Apart from Reliance Industries, India’s major private sector lender HDFC Bank alos hit a new record high on Thursday morning. HDFC Bank share price jumped by more than 1% to hit the day’s high at Rs 2,227 on BSE.

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