In a recent update, oil to telecom conglomerate informed the exchange that the company will be announcing its April-June quarter results on July 30, instead of on Friday, July 24, 2020, as intimated earlier
Reliance Industries (RIL) share price climbed up nearly 2 per cent to hit a fresh record high of Rs 2,010 apiece on BSE, taking the market capitalisation of the firm to Rs 12.71 lakh crore. RIL stock price has surpassed Rs 2,000-mark for the first time since listing. In a recent update, oil to telecom conglomerate informed the exchange that the company will be announcing its April-June quarter results on July 30, instead of on Friday, July 24, 2020, as intimated earlier. “The completion of targeted net debt-free status and evolution of company’s Jio business into more technology and platform-oriented augured well for the firm,” Narendra Solanki, Head Fundamental Research, Anand Rathi Shares and Stock Brokers, told Financial Express Online. He also said that base telecom and data business are also doing well with an increase seen in average revenues for voice in the industry.
With today’s up move in the stock, RIL share price has rallied 131.5 per cent from March lows of Rs 868 apiece. On the back of lower refining margins, analysts at HDFC Securities expect “RIL’s EBITDA to decrease by 24 per cent sequentially Rs 8,618 crore owing to 33per cent fall in GRM to USD 6.0/bbl versus USD8.9 in 4Q and decline in petchem margins”.
Around 1 PM, RIL share price was trading 1.6 per cent higher at Rs 2,003 apiece as compared to a 0.17 per cent rise in the benchmark S&P BSE Sensex. “Reliance Industries, hits record high of Rs.2010, gaining almost 18% in July alone, on the back of strong investor interest. The stock currently trades around a P/E multiple of 34, clearly indicating that investors are willing to pay a premium because of better future growth expectations,” Aamar Deo Singh, Head Advisory, Angel Broking, told Financial Express Online. Singh also explained that FIIs currently hold around 24% stake in Reliance, further indicating the confidence in the scrip. In this year alone, the stock has gained over 34%, offering spectacular returns to investors. “However, fresh buying at current levels is not advised. Only on corrections, the stock can be added to one’s portfolio, from a long-term perspective,” Singh said.
Reliance Jio has sought spectrum in certain frequencies from the Department of Telecom for holding trials of the latest 5G technology, PTI reported citing sources as saying. Last week, RIL informed that Google and Jio announced to join hands to develop an affordable smartphone and an Android OS. Mukesh Ambani said that Jio is working towards a 2G-mukt India