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Reliance Industries shares gain nearly 2% after CLSA upgrades rating, raises target price

The share touched a 52-week high of Rs 2,750 and a 52-week low of Rs 1,830.00 on October 19, 2021 and January 29, 2021, respectively

January 31, 2022 / 09:57 AM IST
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Reliance Industries (RIL) share price gained nearly 2 percent intraday to Rs 2,374.35 on January 31 after foreign research firm CLSA upgraded the rating and target price.

CLSA has upgraded Reliance Industries’ rating to 'buy' and raised the target price to Rs 2,955 from Rs 2,850. "After a sharp fall, the company is now within 15 percent of our conservative value," the rating agency said. "It’s at a good entry point to play its long-term promise across multiple big India themes."

Reliance had on January 21 reported a consolidated profit after tax (PAT) of Rs 18,549 crore for the quarter ended December 2021, up 42 percent from Rs 13,101 crore registered in the corresponding quarter a year ago. The company had reported a profit of Rs 13,680 crore in the September 2021 quarter.

Consolidated operating revenue (net of GST) for the country’s most valuable company by market-capitalisation came in at Rs 1,91,271 crore, up 62 percent for the quarter from Rs 1,17,860 crore in the year-ago period. Revenues in the previous quarter were Rs 1,67,611 crore.

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At 9:37am, Reliance Industries was quoting at Rs 2,370.15, up Rs 34.75, or 1.49 percent, on the BSE.

The share touched a 52-week high of Rs 2,750 and a 52-week low of Rs 1,830.00 on October 19, 2021 and January 29, 2021, respectively. It is now trading 13.81 percent below its 52-week high and 29.52 percent above its 52-week low.

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first published: Jan 31, 2022 09:51 am