RIL share price surged to a fresh record high at Rs 2,479.85 apiece yet again on BSE intraday, rising nearly 4 per cent.
RIL share price surged to a fresh record high at Rs 2,479.85 apiece yet again on BSE intraday, rising nearly 4 per cent. Post-market hours on Friday, the oil-to-telecom conglomerate’s subsidiary, Reliance Strategic Business Ventures (RSBVL), announced the acquisition of 57.06 per cent stake in Strand Life Sciences for Rs 393 crore in cash. In the previous session, RIL claimed a fresh high after consolidating in a range for nearly a year. Today, it surpassed its previous high of Rs 2,394.30.
RIL stock has been trading higher for the fourth straight session. So far in September, RIL stock has rallied 9 per cent. It added 10.36 per cent last month. Technical analysts say that positive sentiment prevailing in global markets along with the expectation of sustained low-interest rates globally has propelled Nifty 50 and consequently, Reliance Industries Ltd to all-time highs. “Technically, investors are advised to keep booking profits at current levels and look for a re-entry near Rs 2205-2145 levels in the coming weeks,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told Financial Express Online.
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Reliance Industries would also make a further investment of up to Rs 160 crore by March 2023, increasing its total investment to Rs 553 crore, in Strand Life Sciences. Following this, the company’s stake will rise to about 80.3 per cent. Analysts at CapitalVia Global Research see Reliance industries stock surging to Rs 2700-2750 by the end of this year. So far in the trade today, 3.69 lakh shares have exchanged hands on BSE, while a total of 93.41 lakh units traded on NSE.
Reliance Industries Ltd has been a key driver in the current record-breaking up move in the benchmark index, on the back of the company’s foray into key strategic industries of the future, renewal energy being one of them. “From a long-term perspective, the stock continues to attract investors, and technically, the stock has formed a strong support base around the 2150-2200 mark, with key upside resistance seen around Rs 2550-2600 zone,” Aamar Deo Singh, Head Advisory, Angel Broking, told Financial Express Online. Last week, nine of the top-10 most-valued companies together added Rs 2.93 lakh crore in market valuation, with Reliance Industries Ltd emerging as the biggest gainer. RIL’s market valuation jumped to a record Rs 15 lakh crore on Friday, becoming the first domestic company to attain this historic feat.
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