Mukesh Ambani's reliance Industries stock with 4% jump...
The stock of reliance Industries, the largest company in the private sector, created history in the stock market. Reliance's stock has managed to touch a new lifetime high. The stock reached its record high in the session of Wednesday, june 26. At the close of the market, reliance Industries stock closed at Rs 3027.40 with a jump of 4.09 percent or Rs 118.90.
The stock of reliance Industries of the country's richest industrialist mukesh ambani opened at Rs 2899.95 in the morning and due to tremendous buying in the stock, it crossed the level of Rs 3000 with a jump of 4.51 percent or Rs 137 and reached Rs 3037, which is the historical high of the stock. After the strong rise in the stock, the market cap of reliance has crossed the level of Rs 20 lakh crore and reached Rs 20,48,344 crore.
On june 3, after the exit polls came out a day before the results of the lok sabha elections, Reliance's stock reached a high of Rs 3029.90. But after the Modi government did not get a majority in the results, Reliance's stock fell by about 10 percent to Rs 2719.15. Many stocks recovered from the lower level but it took time for Reliance's stock to recover.
Reliance's stock has given a return of 17.14 percent in 2024, while the stock has risen 21.34 percent in a year. Global brokerage house Jefferies has advised to buy reliance stock for a target of Rs 3380. Another brokerage house UBS has given a target of Rs 3420 stock. Nuwama has given a target of Rs 3500 stock.
In the third week of July, reliance Industries will announce the results for the first quarter of the financial year 2024-25 from april to june, which the market will keep an eye on. Also, in the second quarter of this financial year, other telecom companies including jio may increase tariffs, the effect of which can be seen on the movement of the stock.
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