Reliance Shares Jump On Various Announcements

Shares of Reliance Industries Ltd (RIL) jumped over 11% on Tuesday mid-morning session on the NSE, BSE following various announcements done by chairman Mukesh Ambani at its 42nd AGM held on Monday, August 12.

On the BSE stock price gained 11.49% to Rs.1,294.55 65 AT 10.37am, while on the NSE share price zoomed to Rs1,296.00 per share up by 11.52%. In comparison, the Sensex stood at 37,517.35, down by 64-pts and the Nifty at 11092.55, down by 17-pts.

Reliance shares have fallen 3.9pc in last 12-months and traded 7.5%t lower thus far this year.

Pact with Saudi Aramco, commitment to become a net zero-debt firm, plans of listing Jio &Reliance Retail and quick growth in the consumer biz were some of the top announcements done by the Ambani at the AGM on Tuesday.

Further, majority of brokerage firms turned bullish on the stock after the announcements and expect a new boost in the stock soon. Morgan Stanley upgraded the stock to OVERWEIGHT rating from EQUAL-WEIGHT, stating that faster asset monetization could surprise the market. Meantime, CLSA retained a ‘BUY call on the stock while Macquarie upgraded the stock to OUTPERFORM. See Reliance Jio, Microsoft To Boost Digital Transformation Alliance…

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