Markets
Reliance Industries Share Price Highlights 28 June 2024: RIL hits ₹21-lakh cr mcap, gains over 2% on bullish analyst outlook
Reliance Industries share price updates: Reliance Industries Ltd (RIL) achieved a market value exceeding ₹21-lakh crore, making it the first Indian company to attain this milestone. Based on recent analyst reports, RIL is poised for strong growth driven by strategic moves in its telecom and energy sectors. Jefferies has upgraded its recommendation on RIL to “Buy” and raised its target price to ₹3,580 following Jio’s implementation of tariff hikes ranging from 13% to 25%. These adjustments are expected to impact FY25-27 estimates positively, with anticipated revenue and profit after tax (PAT) compound annual growth rates (CAGR) of 18% and 26% respectively over FY24-27. The revisions include minor tweaks in RIL’s EBITDA forecasts for FY25/26 to reflect Jio’s performance metrics, highlighting the telecom segment’s pivotal role in driving overall growth. Reliance Industries stock closed at ₹3,126.95 on the BSE on Friday, up by 2.15%, and at ₹3,128.25 on the NSE, up by 2.19%.
