NEW DELHI: Reliance Industries (RIL) share prices are on a roll and have gained over 5% in the last two sessions to close at an all-time high level.
RIL shares ended 2.58% higher on Thursday at Rs 2,718.40 apiece on the BSE. In two days, the stock has added Rs 93,121.64 crore to its market capitalisation, which on Friday stood at Rs 18.39 lakh crore. This sharp surge has again placed promoter Mukesh Ambani ahead of Adani Group promoter Gautam Adani in the richest billionaire list. Ambani is now back to being Asia’s wealthiest person.
According to the Bloomberg Billionaire Index, Ambani’s wealth, as of Thursday, stood at $99 billion while Adani was worth $96.8 billion. Commenting on RIL share price rise, Sheersham Gupta, Director and Senior Technical Analyst at Rupeezy, said that after the successful rollout of the nationwide 5G service, there would be significant growth in the earnings from its telecom arm and this would lead to a decline in its debt level. Gupta added that RIL will also see income growth from its retail business.
Investors are also buying RIL shares as they expect the conglomerate to come out with the IPO of Jio Telecom and Reliance Retail after the successful listing of its financial arm Jio Financial Services. Many global brokerages have also increased their target price for the share. “Technical analysis suggests that if the stock gives a successful breakout the stock could see the levels of 3200 within a year,” added Gupta.