Reliance Industries (RIL) was up 2% to Rs 1,064 on the BSE in intra-day trade, gaining for the fifth straight trading sessions, in otherwise range-bound market. The stock was trading at six-week high, its highest level since October 30, 2016.
Since December 7, in past fifth trading sessions, it was up 6.4% from Rs 1,000 against 1.6% rise in the S&P BSE Sensex.
In December, the stock has outperformed the market by gaining 6.7% after Reliance Jio said that it extended the free offer until March 2017 both for new consumers and for existing consumers on December 1. The benchmark index was up marginally by 0.02% so far in the current month.
The company also announced the launch of JIO Merchants Money solution, whereby digital transactions for small shopkeepers and customers would be supported. JIO is targeting to onboard 10 million shopkeepers across India over the next few weeks.
“From here until March 2017, the only news
flow on the various projects is the commissioning of the Paraxylene (PX) expansion. However, we see multiple project related news
flow in 1HFY18. There should be progress and commissioning of all the core projects in the refining and Petchem segment. The billing of the subscriber base should also start in 1H,” J P Morgan said in a report dated December 1, 2016. The brokerage firm maintains ‘neutral’ rating on stock with price target of Rs 1,085.
Meanwhile, the Breakthrough Energy Coalition (BEC), which has Mukesh Ambani and Alibaba’s Jack Ma as members, will invest more than $1 billion in Breakthrough Energy Ventures (BEV), an investor-led fund that will finance emerging energy breakthroughs for affordable and reliable energy with the goal of reducing global greenhouse gas emissions to near-zero, BEC said in a statement.
At 2:41 am; the stock was up 2% at Rs 1,060 on the BSE, as compared to 0.10% decline in the Sensex. A combined 4.83 million shares changed hands on the counter on the BSE and NSE. The stock hit a 52-week high of Rs 1,129 on September 26, in intra-day trade.