Reliance Industries Share Price Rises 2% After Q2 Earnings Report

Reliance Industries Share Price Rises 2% After Q2 Earnings Report

Reliance Industries Share Price Rises 2% After Q2 Earnings Report

Reliance Industries (RIL) saw a nearly 2% increase in its share price on BSE following the release of the company’s Q2 earnings.

On Monday, the stock opened at ₹2,283.95, a 2% increase from the previous close of ₹2,265.25. It reached an intraday high of ₹2,310 and was trading at ₹2,298.45 at 9:20 am, representing a 1.47% increase.

Despite a lackluster performance over the past year, RIL shares have now gained momentum. While the Sensex has risen by 7%, RIL’s share price has only increased by 1% during the same period. The stock previously reached a 52-week high of ₹2,635.17 on July 19, 2023, and a low of ₹2,012.14 on March 20, 2023, a 14% drop from its recent high.

Reliance Industries Q2 Results

RIL reported a 29.7% year-on-year increase in its consolidated net profit for Q2, reaching ₹19,878 crore. EBITDA also rose 30.2% YoY to ₹44,867 crore, with an EBITDA margin increase of 390 bps YoY to 17.5%. Gross revenue increased marginally by 1.2% YoY to ₹2,55,996 crore, driven by consumer businesses.

Positive Brokerage Views on RIL Stock

Several leading brokerages hold a positive view on RIL stock post-Q2 earnings:

Motilal Oswal Financial Services maintains a buy call on the stock with a target price of ₹2,760. They value the refining and petrochemical segment at 7.5 times FY25E EV/EBITDA, arriving at a standalone valuation of ₹878 per share. They also ascribe values to RJio, Reliance Retail, and the new-age business.

Emkay Global Financial Services has a buy call with a target price of ₹2,730, citing a steady earnings outlook, attractive valuations, and debt reduction.

JM Financial retains its buy call with an unchanged target price of ₹2,900, believing that RIL’s net debt concerns are overdone, and the company has the potential to drive strong earnings growth in the coming years.

At 10:40 am, RIL shares were trading at ₹2,298.45 on BSE, marking a 1.47% increase.

Disclaimer: The opinions and suggestions provided in this article are those of individual analysts and do not reflect the viewpoints of VoM News. We encourage investors to consult with certified experts before making any investment choices.

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