RIL gains as foreign brokerage maintains buy recommendation

Reliance Industries rose 2.38% to Rs 1,029 at 13:12 IST on BSE on reports that a foreign brokerage has maintained conviction buy on the stock.

Meanwhile, the S&P BSE Sensex was down 32.60 points or 0.13% at 25,549.20

On BSE, so far 5.48 lakh shares were traded in the counter as against average daily volume of 2.41 lakh shares in the past one quarter.

The stock hit a high of Rs 1,034 and a low of Rs 1,000.55 so far during the day. The stock had hit a 52-week high of Rs 1,067 on 23 July 2015. The stock had hit a 52-week low of Rs 796.75 on 30 March 2015.

The stock had outperformed the market over the past one month till 5 January 2016, rising 4.07% compared with 0.23% decline in the Sensex. The scrip also outperformed the market in past one quarter, gaining 13.41% as against Sensex's 4.50% fall.

The large-cap firm has equity capital of Rs 3239.21 crore. Face value per share is Rs 10.

Commercial launch of broadband services from Reliance Industries (RIL)'s telecom unit Reliance Jio Infocomm last month could provide a big positive swing for the company going ahead, the brokerage reportedly said.

On consolidated basis, RIL's net profit rose 12.5% to Rs 6720 crore on 35.4% decline in net sales to Rs 70901 crore in Q2 September 2015 over Q2 September 2014.

RIL is a diversified firm having presence in oil exploration, petrochemicals, retail and telecom sectors.

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