Shares of Reliance Industries Ltd have managed to give positive returns to the investors in a volatile market and are inching closer to their record high of ₹2,855. Its shares hold a weightage of 11.17% in the Nifty50 index.
The share is currently trading at ₹ 2,809.80 on the NSE and is up by 3.11% during the day. On the BSE, the share is up by 3.14% and is currently trading at ₹2,809.90 during the day.
In the past five sessions, the share has gone up by 6.81% which is a significant move for a Large-cap stock like Reliance Industries. It has given a return of 16.8% since its bounceback on 12th May.
According to a media report, Reliance Industries and US-based Apollo Global Management are teaming to bid for Boots an international chemist and drugstore unit of Walsgreen Boots Alliance Inc. The combined bid from both of the companies for Boots could come in as early as Friday.
Market experts say that factors like buzz about Reliance entering the EV charging infrastructure business, Reliance Jio BP and Castrol India joining hands, and IPO expectation of Reliance Jio and Reliance retails are contributing to the price rally of the share.
As of now, it is uncertain if Reliance Industries could break its all time, as the markets remain volatile. But for the long-term prospects, ICICI Securities has maintained its ‘buy’ rating on RIL with a target price of Rs 3,050 per share.
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