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Mukesh Ambani-led Reliance Industries is now the first Indian stock to cross Rs 20 lakh crore market cap

RIL share price today, Reliance Industries (RIL) led by Mukesh AmbaniHas become the first Indian listed company to cross Market capitalization 20 rupees lakh crore, RIL stock rose 1.89% to hit new 52-week high of Rs 2957.80 on Bombay Stock Exchange (BSE).
RIL’s market value has increased by Rs 1 lakh crore in the last two weeks alone. On January 29, it reached Rs 19 lakh crore. The share price of RIL, which is the most valuable stock so far this year. An ET report said there has been an increase of about 14% in India.
The Mumbai-based conglomerate, which operates in everything from oil to telecom, has been a significant maker of wealth in the Indian stock market. RIL achieved a market capitalization of Rs 1 lakh crore in August 2005 and it reached Rs 10 lakh crore in November 2019.
With a market capitalization of Rs 20 lakh crore, RIL remains the most valuable company in India, ahead of other companies like TCS (Rs 15 lakh crore), HDFC Bank (Rs 10.5 lakh crore), ICICI Bank (Rs 7 lakh crore). It’s somewhere ahead. , and Infosys (Rs 7 lakh crore).
Read this also Top wealth creating stocks in India: Reliance tops biggest wealth creator list; Adani Enterprises takes first position as all-round stock
RIL’s financial results for the December quarter were in line with market expectations. The company’s O2C EBITDA fell 14% QoQ to Rs 140.6 billion due to maintenance activities and lower cracks and deltas. However, Jio’s EBITDA rose 1.4% QoQ to Rs 142.6 billion, and retail EBITDA rose 8% QoQ to Rs 62.7 billion.
In Q3FY24, RIL’s profit after tax stood at Rs 19,641 crore, a decline of 1.2% QoQ but a growth of 10.3%. This is higher than market expectations of Rs 18,080 crore. PAT margin was 8.7% compared to 8.6% in the previous quarter.
Morgan Stanley views this earnings report as a positive turn for RIL’s investment cycle and energy profitability. The brokerage has given its target price at Rs 2,821. Analysts expect 2024 to be a crucial year for RIL as previous investments move into the monetization phase.
Jefferies estimates 12% EBITDA growth in FY20, with Jio contributing the most due to tariff hike. Sharekhan has maintained a buy rating on RIL citing strong prospects across various business segments and potential value unlocking from the portfolio of retail, digital services and financial services.
On the other hand, Citi has downgraded RIL to neutral, saying the risk-to-reward ratio is quite balanced. The brokerage has kept the target price at Rs 2910.

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