Reliance Industries share price: Reliance Industries rebounds 14% in 2 weeks, market cap exceeds Rs 19 lakh cr

New Delhi: Mukesh Ambani-led Mukesh Ambani hit the market cap benchmark of Rs 19 lakh crore again on Friday as the certificate extended its winning streak. RIL shares climbed more than 3% to the level of Rs 2,816.35 on Friday, just a few percentage points below its 52-week high of Rs 2,855 scaled on April 24, 2022.

Over the past two weeks, shares of

Industries have soared around 14%, while India’s largest company has jumped around 20% in 2022 so far.

According to some media, the Ambani-led company is likely to invest in ed-tech startup Lido Learning despite the mass layoff of 1,200 employees.

Reliance Brands (RBL), the retail brand licensing arm of Reliance Industries, is also set to acquire a 40% stake in India-based Plastic Legno’s toy manufacturing business – Dream Plast – for a undisclosed amount.

Addiction has been on a fundraising and acquisition frenzy, with money infused into organizations such as Hamleys, Clovia, MilkBasket, Urban Ladder, Haptik, and more. these last months.

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Investors are betting high on the billionaire’s plans for the retail and telecommunications sector as the company plans to acquire other small and medium-sized businesses and consumer goods brands across the country.

During the March 2022 quarter, Reliance reported a 22.50% year-on-year (YoY) increase in consolidated net profit to Rs 16,203 crore from Rs 13,227 crore in the same quarter last year .

Operating revenue rose 36.79 percent year-on-year to Rs 211,887 crore from Rs 154,896 crore in the corresponding quarter last year. The company’s board has recommended a dividend of Rs 8 per share.

After the earnings, the brokerage firm

Securities maintained its rating to “add” the counter with a target price of Rs 2,825. ICICIDirect has a buy rating over the counter with a target price of Rs 3,050.


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