Reliance Industries Ltd shares climbed nearly 2% to ₹1,546.30, driven by bullish sentiment from brokerages citing strength in its oil-to-chemicals (O2C) segment and scale-up in new energy ventures. The stock hit a four-month high and was among the top gainers on the Nifty index.
Reliance Industries Ltd (RIL), India’s most valuable company by market capitalization, saw its shares rise nearly 2% in intraday trade on November 20, reaching ₹1,546.30. The rally was fueled by renewed optimism from analysts and brokerages who expect improved earnings from the company’s O2C and new energy businesses.
UBS reiterated its ‘buy’ rating on RIL with a target price of ₹1,820, citing firm refining margins and a diversified crude sourcing strategy that shields the company from geopolitical disruptions. Analysts also highlighted the potential upside from Reliance’s battery manufacturing and clean energy initiatives.
Key highlights from the market update include
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Reliance shares rose 1.8% to ₹1,546.30, marking a four-month high.
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The stock was the single largest positive contributor to the Nifty index during Thursday’s session.
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Brokerages expect a rebound in O2C earnings supported by strong refining margins.
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Reliance’s new energy ventures, including battery and solar manufacturing, are gaining investor traction.
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UBS maintained a bullish stance with a ₹1,820 target, citing long-term growth visibility.
The company’s diversified crude sourcing is seen as a buffer against global tariff actions and supply shocks.
Sources: Moneycontrol, LiveMint