Reliance Industries hits five-month high

Reliance Industries (RIL) have moved higher by 3% at Rs 1,034, its highest level since July 2015 on the National Stock Exchange (NSE), in an otherwise subdued market.

The stock is 3% away from its 52-week high of Rs 1,068 touched on July 23, 2015 in intra-day trade. It outperformed the market by gaining 17% from its recent low of Rs 916 on December 9 as compared to 2.2% rise in Nifty 50 index.

RIL is among the top 10 picks for 2016 in Karvy Stock Broking list. The broking firm recommends a ‘Buy’ rating on the stock with a price target of Rs 1,240.

RIL is expected to maintain profitability in its core business with a capex that increases the operational efficiency across the refining & petrochemicals business, while the new businesses like the Reliance Jio are likely to trigger the next level of growth and boost revenues, Karvy Stock Broking said in a report.

At 11:43 a.m. the stock was up 2.6% at Rs 1,031 as compared to a marginal 0.01% rise in the benchmark index. A combined 2.6 million have already changed hands against an average 3.5 million shares that were traded daily in past two weeks on the NSE and BSE.

Reliance Industries Limited (RIL)