Reliance Industries Ltd (RIL) started its trading session at Rs 2,341.50 and is currently trading at Rs 2,316.55 which is a downfall of 1.06 percent. In the past two sessions, the stock has shed almost 4 percent.
This week has been full of announcements for the company and the same has been listed below:
Firstly, Reliance Consumer Products Limited (RCPL), on 9th March 2023, announced the launch of the iconic beverage brand, Campa, in three new flavors – Campa Cola, Campa Lemon, and Campa Orange in the sparkling beverage category.
Secondly, Radisys Corp, a unit of the company-owned Jio Platforms, will buy Mimosa Networks from U.S.-based IT services company Airspan Networks Holdings Inc for $60 million on a debt-free, cash-free basis.
Another deal involving Reliance is the announcement made by the company that its subsidiary Reliance Polyester had completed the acquisition of Shubhalakshmi Polyesters & Shubhlaxmi Polytex’s polyester business on March 8. In September, 2022, Reliance Polyester signed definitive agreements to buy Shubhalakshmi Polyesters and Shubhlaxmi Polytex’s polyester businesses for Rs 1,522 crore and Rs 70 crore, respectively.
Reliance Industries Ltd (RIL), headquartered in Mumbai, is a diversified company with business interests in energy, petrochemicals, textiles, retail, entertainment, materials, and telecommunication sectors.
Having a quick glance at the financials, the revenues for the company have gone down from Rs 2.33 lakh crores in Q2 v/s Rs 2.21 lakh crores in Q3. The net profits, on a contrasting note, have moved up from Rs 15,587 crores in Q2 v/s Rs 17,740 crores in Q3. The company is also one of the entities with the highest net profit in India as of December 2022.
Considering a horizon of 6 months, the stock has moved down from Rs 2,598 to the current levels showing a fall of around 11 percent. The current stock levels are also raising concern for the company since it is nearing the 52-week low figures of Rs 2,293.
Based on the recent developments discussed above, Motilal Oswal Financial Services came up with a target for Reliance Industries. The target price is mentioned to be Rs 2,875, showing an upside of 24 percent from the current levels.
Written by Amit Madnani
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