Reliance Industries has hit a new record of ₹2,000 for the first time on BSE today. The Reliance Industries shares price hovers around Rs 2,004 at 12:42 p.m. on July 22. The stock rose 1.68% since the close of the last day. It touched ₹2,010 during the day. The Reliance Industries shares have surged by 130% from its lowest level in March. So far, the stock has gained 34%. The stock became the first Indian company to express the market capitalization of over ₹12 lakh crore.
Reliance Industries announced yesterday to postpone the results for the June quarter to July 30 instead of July 24. According to sources, Reliance Jio, a subsidiary of Reliance Industries, recently sought to obtain spectrum at certain frequencies from the Ministry of Communications to conduct experiments with the latest 5G technologies.
The company held its Ordinary General Assembly meeting last Wednesday, where Mukesh Ambani, president of Reliance Industries and the world's fifth-richest man, spoke about Jio's agreement with Google to develop an Android-based operating system.
Reliance Industries enjoy a debt-free status and a healthy balance sheet. Here is what analysts have to say about the stock:
Motilal Oswal Securities recommends to 'Buy' with a target price of ₹2,020
Reliance Industries (RIL) AGM held on July 15, 2020, continued to focus on next-generation business. It is a consumer conglomerate.
Google will invest INR337b in Jio platforms for a 7.73% sale at INR4.36t equity valuation. While Jio Platforms has seen many financial investors, its partnerships with global technology majors like Facebook and Google underscore the company's strong long-term strategic potential. Jio Platforms announced that they have built 5G solutions within the company, ready for testing and awaiting spectrum availability. The company is at the forefront in terms of technological advancements and growth leadership capabilities. Jio Mart is the only model connected to the Internet. The Saudi Aramco deal would aid the company builds an integrated portfolio of oil to chemicals Portfolio through potential partnerships.
Kotak Institutional Equities recommends 'Buy'
"All’s well except O2C transaction."
Highlights of the RIL’s AGM: (1) strategic partnership with Google and cooperation to co-develop low-cost smartphone for 2G to 4G / 5G transition in India, (2) encouraging progress on Jio Mart with near-term plans to expand it across geographies and categories, (3) potential boost from Reliance Retail's strategic and financial partners, (4) superior export-led operations in the O2C business after COVID, (5) development of offerings like Jio Meet and Jiotv +, internal 5G solution and (6) delay in dealing with O2C with Saudi Aramco for now. Retain BUY
Read More: US adds 11 Chinese companies to economic blacklist over China's treatment of Uighurs