RIL share price hits new record with creation of Reliance International in UAE; check Target end of December
Analysts say the valuations of the RIL look attractive relative to its peers and that more investment and expansion in the company have been the main factors behind the share price spike.
RIL’s share price hit a new all-time high of Rs 2,574.65, up 2% from intraday BSE after the company said it incorporated a new subsidiary in the United Arab Emirates for the trade in crude oil, petroleum products and agricultural products. The stock had hit a 52-week low at Rs 1,830 each earlier this year, since then RIL stock has climbed more than 40%. Reliance International was incorporated as a wholly owned subsidiary in the global Abu Dhabi market, United Arab Emirates (UAE). RIL said it invested 7.42 crore rupees (equivalent to 10 lakh) in cash in 10 lakh shares of $ 1 each of Reliance International Limited (RINL), a newly incorporated wholly owned subsidiary in the Abu Global Market. Dhabi.
Analysts say the valuations of the RIL look attractive relative to its peers and that more investment and expansion in the company have been the main factors behind the share price spike. They expect another 5% rally in the stock by December 2021. “On the charts too we saw the reversal of very important support levels and indicators like the RSI and MACD also supporting the Prices hike again. We can expect levels to reach 2,700 by the end of the year, “Gaurav Garg, head of research, CapitalVia Global Research, told Financial Express Online.
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Reliance Industries Ltd, in June this year, announced that RIL would invest in Abu Dhabi National Oil Co. projects to produce chemicals that can be used for infrastructure and consumer goods. Investment in RINL does not fall under related party transactions and the promoter / promoter group / group companies have no interest in RINL, he said, adding that no government or regulatory approval was needed. required for said investment.
In terms of trading volume, 81,000 shares traded hands on BSE, while a total of 30.70 lakh units have been traded so far on BSE. Establishment of its subsidiary, Reliance International and due to the current positive sentiment in Jio and retail businesses, analysts said Reliance has hit a new record in today’s trading. “Technically, 2570 remains a strong resistance above which bullish targets of Rs 2615-2680 are possible. Rs 2,500 remains strong support and should be a good stop loss for traders and investors, ”AR Ramachandran, co-founder and trainer, Tips2Trades, told Financial Express Online.
(The stock recommendations in this story are by the respective research analysts and brokerage firms. Financial Express Online assumes no responsibility for their investment advice. Investments in the capital markets are subject to rules and regulations Please consult your investment advisor before investing.)
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