Reliance Industries hits a new high

Ever since Reliance Industries announced its new tariff plans, which come into effect in less than a month on 1^st April, the stock price has only surged. It has risen 21% and that is huge for a large cap company like Reliance Industries.

The stock has been hitting new highs consistently – on Friday it had hit Rs.1287.80 and today it hit at Rs.1309.90. After being an underperformer for over 5 years, this surge of RIL seems like a new-found phenomenon.

FIIs are pretty bullish about the stock and are each one is either upping their targets or putting out new optimistic reports. Today, Morgan Stanley and Credit Suisse’s reports are in play.

Morgan Stanley expects the company’s energy earnings to exceed all estimations and Credit Suisse too is betting on its petrochem business saying that its refining as well as petchem projects would get commissioned before the end of 2017 and this is expected to add US$3.2 billion to its EBITDA.