Reliance Industries (RIL) Share Price at 52 Week High, Why?

Reliance Industries Share Price Increases

Stock Recommendations
by 5paisa Research Team Last Updated: 2022-04-04T12:16:37+05:30

The share price of Reliance Industries (RIL) touched a new 52 week high of ₹2,394.30 today. With today's rise in Reliance share price, the market capitalisation of the country's most cherished company rose above ₹15 lakh crore. It is the top most listed company by market capitalization on NSE and BSE.

Reliance Industries shares have seen strong buying interest as the retail arm of the company, Reliance Retail Ventures (RRVL) acquired controlling stake in Just Dial Limited.

On September 01, 2021, Just Dial, according to the preferential issue, allotted 2.12 crore equity shares of Rs10 each at a price of ₹1,022.25 per equity share (including a premium of ₹1,012.25 per equity share) representing 25.35% of the post-preferential issue paid-up share capital of Just Dial to RRVL.

Earlier, on July 20 this year, RRVL acquired 1.31 crore equity shares of Rs10 each of Just Dial at Rs1,020 per equity share from VSS Mani on the floor of the stock exchange through the block window facility. The acquisition represents 15.63% of the post-preferential issue paid-up equity share capital of Just Dial.
With that, RRVL currently holds 40.98% stake in Just Dial.

RIL closed at ₹2,388.2 up 4.12% on BSE sensex today i.e. September 3, 2021.

About Reliance Industries

Reliance Industries Limited (RIL) is one of India’s largest private sector enterprise, a vertically-integrated company with business interests in energy and materials value chain. The group’s activities span across E&P, petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), retail, shale gas and telecom services.’

Reliance Industries Share Price Historical Performance:

Source: Ace Equity

The above chart shows that the stock jumped as much as 29.6% in the past one year. The stock closing low was ₹1,843.15 and closing high of ₹2,388.25 between the period September 3, 2020 to September 3, 2021. The stock generated 13.1% return from September 3, 2020 to September 3, 2021.

5paisa Stock Review on Reliance Industries

We are positive on the stock from a long-term point of view given the strong outlook for O2C businesses. Further, the increasing focus on retail business and strong performance of telecom vertical makes the investment further promising.

Technical Analysis of Reliance Industries Stock

Trend of stock is bullish, stock ended the session with big bullish candle on Friday. Prices formed higher highs and higher lows which is a positive sign for coming sessions. As per Bollinger bands, stock managed to close above its upper Bollinger band which also indicates buying may continue in stock. RSI placed above 70 level which is a overbought zone so buy on dips strategy one can use ahead.

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