Reliance Industries Ltd. became the first Indian company to cross the Rs 20 lakh crore in market capitalisation after its shares hit record high on Tuesday.
The stock advance as much as 1.83% to hit a record high of Rs 2,958 apiece. It has risen 39.54% in the past 12 months.
Of the 35 analysts tracking the company, 22 maintain a 'buy', five recommend a 'hold', and two suggest a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 0.3%
The next in line is the formidable Tata Group company—Tata Consultancy Services Ltd.—boasting a market capitalisation of Rs 15.07 lakh crore, followed by HDFC Bank Ltd. with Rs 10.56 lakh crore in market capitalisation.
On Jan. 19, Reliance Industries reported a decline in its net profit and revenue for the third quarter of fiscal 2024.
The numbers were impacted by a major shutdown undertaken in the refineries division of the O2C business, the company said.
Net profit for the Mukesh Ambani-led conglomerate fell 0.74% sequentially to Rs 17,265 crore for the October-December period, as against a Bloomberg estimate of Rs 18,080 crore.
RIL Q3 FY24 Results Highlights (QoQ)
Revenue from operations fell 2.98% to Rs 2.28 lakh crore (Bloomberg estimate: Rs 2.54 lakh crore).
Operating profit was down 0.77% to Rs 40,656 crore (Bloomberg estimate: Rs 40,413 crore).
Operating margin came in at 18.06% vs 17.66% (Bloomberg estimate: 17.3%).
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