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Reliance made a big record, became the first Indian company with a market cap of Rs 19 lakh crore

Connexionblog by Connexionblog
April 27, 2022
in Business
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Reliance made a big record, became the first Indian company with a market cap of Rs 19 lakh crore
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beat many big companies

beat many big companies

With a market capitalization of Rs 19 lakh crore, Reliance has surpassed Chinese lender ICBC, American beverage maker PepsiCo, Japanese auto giant Toyota and media major Disney. With a total m-cap of $248 billion, it still lags behind Bank of America, Coca-Cola, Pfizer, Abbyy, Eli Lilly, Novo Nordisk, Costco and BHP Group, which have a market cap of between $250-300 billion. .

why is it fast

why is it fast

Analysts believe that the rally in Reliance is because its Paytm business has been performing very well on the back of a spurt in oil and gas prices, with Singapore GRM hitting an all-time high. Reliance’s telecom business remains unaffected by geopolitical tensions and inflation, while it continues to explore new dimensions in its retail business. The company is also expanding into the renewable energy business.

How far can the share go?

How far can the share go?

It is expected that the stock of Reliance may climb above Rs 3,000, while the level of Rs 2,500 is an immediate and strong support level for it. Reliance Industries and Abu Dhabi Chemicals derivatives company RSC (Tajij) on Tuesday signed a formal shareholder agreement for the TAZIZ EDC and PVC projects. It will be a joint venture to build and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility with a total investment of over $2 billion.

consistently improved performance

consistently improved performance

Global brokerage firm Morgan Stanley is giving a buy call on Reliance Industries with a target price of Rs 2,926. The stock is one of its top picks. Morgan Stanley said Reliance’s multi-year earnings and NAV upgrade cycle is currently in full swing. Its stock has outperformed the index (Sensex) so far in 2022.

live ahead

live ahead

In its report released on April 13, domestic brokerage firm Motilal Oswal had given a buy rating to Reliance Industries with a target price of Rs 2,880. Recently, the telecom arm of Mukesh Ambani-led Reliance, Reliance Jio surpassed Bharti Airtel to become the country’s second largest fixed line service provider in February 2022, according to data published by sector regulator TRAI.

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