Reliance Industries Ltd spurts 2.3%, gains for third straight session

Reliance Industries Ltd is quoting at Rs 2781, up 2.3% on the day as on 12:54 IST on the NSE. The stock is up 45.88% in last one year as compared to a 20.41% spurt in NIFTY and a 66.44% spurt in the Nifty Energy index.

Shares of Reliance Industries (RIL) jumped 9.17% in three trading sessions from its previous closing low of Rs 2,544.15 posted on 18 April 2022. The stock has zoomed nearly 47.93% from its 52-week low of Rs 1,877.60 recorded on 22 April 2021.

The company hit an all time high today at Rs 2,786.05. RIL currently has a market capitalization of Rs 18.81 lakh crore.

Meanwhile, an international broking company revised its price target of Reliance Industries higher, referring to opportunities from energy adoption. It expects a 20% upside for the stock.

Also, Reliance Brands (RBL) has signed a definitive agreement to invest (either by itself and / or through its affiliates) in India's foremost Couturiers Abu Jani Sandeep Khosla (AJSK) for a 51% majority stake. The strategic partnership is aimed at accelerating the 35-year-old couture house's growth plans in India and across the globe.

RBL is a subsidiary of Reliance Retail Ventures (holding company of all retail companies in Reliance Industries group) and began operations in 2007 with a mandate to launch and build global brands in luxury to premium segments across fashion and lifestyle.

On the technical front, the stock's RSI (relative strength index) stood at 69.933. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50,100 and 200 days simple moving average placed at 2,474.26, 2443.83 and 2397.17 respectively. These levels will act as crucial support zones in near term.

Reliance Industries is engaged in activities spanning across hydrocarbon exploration and production, Oil to chemicals, retail, digital services and financial services.

On consolidated basis, the company reported 41.6% rise in net profit to Rs 18,549 crore on 57% increase in net sales to Rs 1,85,027 crore inQ3 FY22 over Q3 FY21.

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