Reliance Industries hit a new 52-week high today at Rs.1060.80 and continues to trade at the same high levels. With a market cap of Rs.6,72,000 crore, the stock seems to be riding the wave after its recently concluded AGM.
The stock price has been on the rise ever since the AGM last week. The plans which were unfolded, of this transition of RIL into a telecom/communication, retail giant, most of the brokerage houses have become bullish on the stock.
Post the AGM Morgan Stanley maintained ‘Overweight’ and set a target price of Rs.1241.
CLSA gave a ‘buy’ and target price of Rs.1230 and Cito retained its ‘buy’ with a target price of Rs.1180.
At the AGM, Mukesh Ambani said that the company's telecom arm, Jio, has 215 million customers and is on track to cover 99 per cent of the country. RIL also announced launch of new fibre broadband system across 1,100 cities and will begin registrations for its fibre-to-home service JioGigaFiber from August 15, the Independence Day.