Reliance Industries shares climbed nearly 9-year high to Rs 1,253.45, surging 6 percent intraday Monday on the back of value buying. Strong rally helped it to cross Rs 4 lakh crore-mark in market recapitalisation, for the first time since January 18, 2008.
Currently it is the second highest valuable stock in market capitalisation terms after TCS that is valued at Rs 4.88 lakh crore.
Reliance stock gained nearly 17 percent in four consecutive sessions, especially after brokerages have given a thumbs up to Reliance Jio’s new tariff plans and its announcement that it will start charging subscribers with effect from April 1, 2017.
Morgan Stanley has overweight rating on the stock, with increased target at Rs 1,506 from Rs 1,280 as it feels energy earnings should exceed market expectations.
Energy return on capital employed is set to rise 500 bps by FY20 to 15 percent, the brokerage house believes.
At 09:36 hours IST, the stock was quoting at Rs 1,249.40, up Rs 66.80, or 5.65 percent on the BSE.
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