Reliance Industries stock saw significant block deals involving sale of 67.6 lakh shares on Wednesday, 4 December, as reported by Bloomberg. At least two separate block deals were reported in RIL stock -- first one for 44.4 lakh shares and the second one for 23.2 lakh shares.
The details of the block deals were not available. According to the calculation, at yesterday’s closing price of Rs 1,323.3 per share, 67.6 lakh shares of RIL aggregate to over Rs 890 crore. The details of the buyers and sellers involved in the deal were also not immediately available.
RIL stock fell today, and was trading down about 1 percent at Rs 1,311 in the afternoon on NSE. It has gained over 8 percent in the last one year, taking the company’s market capitalisation to over Rs 17.7 lakh crore.
The share touched a 52-week high of Rs 1,608.95 and a 52-week low of Rs 1,203.15 on 08 July, 2024 and 13 December, 2023, respectively.
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Reliance Industries has regained favour among global brokerages, with Morgan Stanley, JPMorgan, and Citigroup recently giving bullish calls on the stock, citing key drivers for its recovery. Analysts expect an improvement in refining margins, supported by tighter global supply and diminishing Chinese export competitiveness.
Morgan Stanley and JPMorgan reiterated 'overweight' ratings on RIL shares, with target prices of Rs 1,662 and Rs 1,468, respectively, citing a rebound in margins and potential free cash flow growth. Citigroup upgraded the stock to 'buy', raising its target price to Rs 1,530. The brokerage sees upside from Reliance Jio's strong telecom positioning, including tariff hike opportunities and 5G monetisation, alongside steady retail growth.
RIL’s Q2 FY25 net profit rose 9.4 percent sequentially to Rs 16,563 crore, supported by robust telecom and retail performances, with revenue at Rs 2.35 lakh crore.
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