03 Jun , 2021 By : Kanchan Joshi
Shares of Reliance Industries Limited (RIL) continued its rally for the seventh consecutive day on Thursday with the stock surging around 15 percent in the seven trading sessions amid optimism about its future performance. The company's market valuation crossed the Rs14 lakh crore mark in early trade.
The stock has been on the gaining mode after global brokerage firm Jefferies raised its target price in the oil-to-telecom behemoth. The brokerage maintained its 'Buy' rating with setting the base target at Rs2,580 and suggested an upside scenario target of Rs3,150 for the stock.
The stock had hit an all-time high of Rs2,368.8 apiece on September 16, 2020.
Separately, RIL's Chairman and Managing Director Mukesh Ambani has said that the company now has a strong balance-sheet with high liquidity after record fundraising and debt prepayments, which will support growth plans for its three hyper-growth engines - telecom arm Jio, retail and oil-to-chemicals business.
In the company's latest annual report released on Wednesday, he said the company sold minority stakes in Jio Platforms - the unit that houses its telecom and digital business - and retail arm for almost Rs2 lakh crore, 49% in fuel retailing venture for Rs7,629 crore and raised another Rs53,124 crore through rights issue. "We now have a strong balance-sheet with high liquidity that will support growth plans for our three hyper-growth engines Jio, Retail and O2C," he said.
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