Reliance Industries (RIL) jumped 2.32% to Rs 2,443.55, extending its winning run to fourth consecutive trading session.
Shares of the RIL have rallied 8.16% in four trading sessions from its previous closing low of Rs 2259.30 on 31 August 2021. The counter hit a record high of Rs 2,479.85 in intraday today. The stock has risen 33.53% from its 52-week low of Rs 1830 recorded on 29 January 2021.The stock outperformed the market over the past one month, rising 14.44% compared with 8% rise in the Sensex. On the BSE, 4.63 lakh shares were traded in the counter so far compared with average daily volumes of 2.68 lakh shares in the past two weeks. The conglomerate now boasts a market capitalization of Rs 15.47 lakh crore.
On the technical front, the stock's RSI (relative strength index) stood at 82.824. 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 and 100 days simple moving average placed at 2138.31 and 2094.81 respectively. These levels will act as crucial support zones in near term.
Meanwhile, Reliance Strategic Business Ventures, a wholly-owned subsidiary of RIL, announced the acquisition of 2,28,42,654 equity shares of Rs 10 each of Strand Life Sciences for a consideration of Rs 393 crore. A further investment of up to Rs 160 crore is expected to be completed by March 2023. The total investment will translate into about 80.3% of equity share capital in Strand on a fully diluted basis.
RIL is the largest private sector corporation in India. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services. The company reported a 7.3% fall in consolidated net profit to Rs 12,273 crore on a 58.6% rise in net sales to Rs 1,39,949 crore in Q1 FY22 over Q1 FY21.
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