Reliance share price at record high: What exactly is happening and why

Reliance Share Price: With its market capitalisation crossing ₹19 lakh crore, Reliance Industries is the most valued company in the Indian stock market.

Updated on: Jan 29, 2024, 16:52:11 IST

By HT News Desk

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Shares of Reliance Industries are trading at a record high today which has led to the stock crossing market capitalisation of ₹19 lakh crore for the first time. This month, the stock is up 8 per cent after increasing 9 per cent in December and 4 per cent in November last year. Since 2015, the shares of Reliance have given positive returns and gained 11.5% in 2023 overall. The Relative Strength Index (RSI) on the stock is currently at 68- lower than the 70 mark. If this crosses, it will take the stock into overbought territory.

Reliance Share Price: Reliance Industries Chairman, and Managing Director Mukesh Ambani. (ANI)

With its market capitalisation crossing ₹19 lakh crore, Reliance Industries is the most valued company in the Indian stock market.

Read more: Adani Enterprises, Adani Ports, other group stocks rally: What's happening?

This comes as Reliance reported a net profit of ₹17,265 crore for the December quarter as the company's Oil & Gas business reported record quarterly EBITDA with margin expanding to 86% from 70% last quarter. Emkay Global Financial Services said, “Reliance reported largely in-line earnings during the third quarter of FY24. O2C and Jio EBITDA, both saw a slight miss on our estimate which was albeit offset by better Upstream (due to lower opex) and in-line Retail."

Shares of Reliance Industries are trading 3.5% higher at ₹2,798. At 12:00 pm, Reliance shares were trading 4.11% higher at ₹2,821.85 apiece on the BSE.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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