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The Reliance Industries Ltd (RIL) shares have continued their northward movement to hit an over seven-month high of Rs 2,250, up 2.2 per cent, on the BSE in intra-day trade on Thursday amid expectations of a good operational performance going forward. The stock was quoting higher for the seventh straight trading day. It has rallied 15 per cent during this period. The script was quoting at its highest level since October 15, 2020. It had hit a record high of Rs 2,368.80 on September 16, 2020.
RIL is India’s one of the largest conglomerates with its foray in oil refining & marketing, oil & gas exploration, petrochemicals, organized retail, media, and digital services (Jio) making it a well-diversified business entity.
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“RIL’s traditional business will keep generating cash flows as the macroeconomic situation continues to improve. The new consumer businesses, Jio and retail, will be the growth driver for the company in the coming years. The company has a strong balance sheet post raising of funds which is a positive. Growth in retail and digital services coupled with improvement in oils to chemicals (O2C) performance will drive the operating performance going forward,” ICICI Securities said in a stock update.
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