Reliance Industries Ltd., incorporated in the year 1973, is a Large Cap company (having a market cap of Rs 916500.44 Crore) operating in Diversified sector.
Promoters held 49.2 per cent stake in the company as of June 30, 2020, while FIIs held 26.6 per cent, DIIs 13.5 per cent and public and others 10.8 per cent.
Anand Rathi has given a buy rating to Reliance Industries with a target price of Rs 2500. The share price moved up by 3.79 per cent from its previous close of Rs 2161.25. The stock’s last traded price is Rs 2255.95.
Reliance Industries Ltd., incorporated in the year 1973, is a Large Cap company (having a market cap of Rs 916500.44 Crore) operating in Diversified sector.
Financials For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 88253.00 Crore, down 35.22 % from last quarter Sales of Rs 136240.00 Crore and down -43.78 % from last year same quarter Sales of Rs 156976.00 Crore. The Company reported net profit after tax of Rs 12926.00 Crore in latest quarter.
Investment Rationale The stock has provided breakout from a symmetrical triangle formation on the daily chart. The momentum indicator RSI has reversed from oversold territory and MACD has provided a buy crossover on the daily chart which hints that the upside momentum is likely to continue. It is also trading well above its short term and long term moving averages. Traders can accumulate the stock between 2160-2210 with a stop loss of 2040(Closing basis) for an upside target of Rs 2500.
Promoter/FII Holdings Promoters held 49.2 per cent stake in the company as of June 30, 2020, while FIIs held 26.6 per cent, DIIs 13.5 per cent and public and others 10.8 per cent.
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