Shares of Reliance Industries are trading at a record high today which has led to the stock crossing market capitalisation of ₹19 lakh crore for the first time. This month, the stock is up 8 per cent after increasing 9 per cent in December and 4 per cent in November last year. Since 2015, the shares of Reliance have given positive returns and gained 11.5% in 2023 overall. The Relative Strength Index (RSI) on the stock is currently at 68- lower than the 70 mark. If this crosses, it will take the stock into overbought territory.
With its market capitalisation crossing ₹19 lakh crore, Reliance Industries is the most valued company in the Indian stock market.
This comes as Reliance reported a net profit of ₹17,265 crore for the December quarter as the company’s Oil & Gas business reported record quarterly EBITDA with margin expanding to 86% from 70% last quarter. Emkay Global Financial Services said, “Reliance reported largely in-line earnings during the third quarter of FY24. O2C and Jio EBITDA, both saw a slight miss on our estimate which was albeit offset by better Upstream (due to lower opex) and in-line Retail.”
Shares of Reliance Industries are trading 3.5% higher at ₹2,798. At 12:00 pm, Reliance shares were trading 4.11% higher at ₹2,821.85 apiece on the BSE.