Analysts on Dalal Street see another 10 per cent rally in Reliance Industries by March 2024. Shares of the energy-to-telecom conglomerate scaled their fresh 52-week high of Rs 2,755 apiece after the company announced value unlocking via the demerger of Jio Financial Services.
The scrip traded nearly 4 per cent up at Rs 2,736.10 around 2.50 pm (IST) on Monday. On the other hand, the benchmark BSE Sensex was up 99.17 points, or 0.15 per cent, at 65,379.62. Shares of the company have gained 18 per cent till July 10 this fiscal year.
Sharing his views on RIL, Vinit Bolinjkar, Head of Research at Ventura Securities, said, “Reliance Industries may hit Rs 3,000-3,100 levels by March next year. We will see multiple new disclosures coming in from Reliance Industries in the form of Reliance Retail, Jio IPO and a lot of news flow on the green energy signing. The corporate action will pick up now and that may help stock to seek higher levels.”
Kranthi Bathini, Equity Strategist, WealthMills Securities, said, “The stock has further headroom from here. RIL can give a 10-15 per cent return by March 2024. With the value unlocking and underlying strength of business it may scale new highs over a period of time.”
RIL on Saturday said it had fixed July 20 as the record date for the demerger of Reliance Strategic Investments, the company's financial services arm. RIL rename the new entity as Jio Financial Services Limited (JFSL).
Besides, on July 20, the conglomerate will determine the equity shareholders of the company entitled to receive the resulting company’s new equity shares of Reliance Strategic Investments Limited (RSIL).
Under the scheme, Reliance Strategic Investments will allot one fully paid-up equity share of RSIL of face value of Rs 10 each, for every one share of Reliance Industries as of the record date. RSIL will then be renamed as Jio Financial Services (JFSL).
Market Analyst Raghvendra Singh added that RIL has given a perfect breakout today. “I think the momentum will continue after the demerger news for the next one week,” Singh told to Business Today TV.
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