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Shares of Reliance Industries today hit an all-time high on strong June-quarter results. The stock jumped as much as 2.43 per cent to an all-time high of Rs 1,157.30.
The company had on Friday posted a consolidated net profit of Rs 9,459 crore for the first quarter ended June 30, boosted by higher realisations from the refining and petrochemical businesses. It had recorded a net profit of Rs 8,021 crore, excluding exceptional items, in the comparable year-ago quarter.
RJio, the company’s wholly-owned wireless subsidiary, posted a 19.9 per cent rise in net profit at Rs 612 crore for the June quarter, compared with Rs 510 crore recorded during the sequential quarter ended March. The earnings rose on a growth in subscriber additions and higher data usage.
CLSA Research has raised the price target to Rs 1,365 from Rs 1,230 with “buy” rating. It says Jio's big ramp-up in subscriber additions and doubling of EBITDA over FY18-21 are the key triggers.
About 27 of 38 brokerages have rated the stock “buy” or higher, six ”hold” and five “sell” or lower; their median price target is Rs 1,180. Up to Friday's close, RIL stock had risen 22.67 per cent this year compared with a 7.1 per cent rise in the broader NSE index.
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