Reliance Industries Ltd's market value has surpassed Rs 21 lakh crore following a more than 20 percent stock surge this year, becoming the first Indian company to reach this milestone.
At 10.30am, the stock rose 1.5 percent to hit a record Rs 3,129 a share.
The stock rose after Reliance Jio Infocomm Ltd announced new unlimited plans effective July 3. The new tariffs range from Rs189 for 2 GB/month to Rs3,599 for a 2.5 GB/day annual plan, with unlimited 5G data for plans of 2 GB/day and above.
On June 28, Jefferies raised Reliance's price target to Rs3,580 from Rs 3,380, indicating a 17 percent upside from Thursday's close, the highest target on the street. The brokerage maintained a 'Buy' rating, estimating Jio's revenue and profit to grow at an annual pace of 18 percent and 26 percent, respectively, from FY24 to FY27.
Morgan Stanley also maintained an 'Overweight' rating with a Rs 3,046 stock price target, noting the tariff hikes are in line with expectations, and it expects new energy cashflow streams by year-end. The investment bank expects no further tariff hikes until FY27 but said a 20 percent tariff increase next year could boost earnings by 10-15 percent.
Among 35 analysts covering Reliance, 28 recommend a 'Buy,' five say 'Hold,' and two advise 'Sell.'
Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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