High on energy, RIL hits all-time high; M-cap nears Rs 19 trillion

Morgan Stanley says hydrogen will form 10% of earnings

Shares of Mukesh Ambani-led Reliance Industries (RIL) on Thursday hit an all-time high of Rs 2,788.8 apiece on the BSE after brokerage Morgan Stanley raised its target price on the stock by 20 per cent to Rs 3,253 apiece on the back of new energy initiatives.

RIL’s Market capitalisation (m-cap) neared Rs 19 trillion following the intra-day high, surpassing its previous high of Rs 2,732 a share hit on October 19.

RIL’s stock has surged nearly 10 per cent in the last four trading sessions as investors have given a thumbs up to the company’s new energy bet.

Morgan Stanley said in its