Shares of Reliance Industrial Infrastructure Ltd (RIIL) on Tuesday settled 11.51 per cent higher at Rs 1,360.55. Despite the mentioned rise, the stock was down 4.03 per cent on a year-to-date (YTD) basis.
The scrip logged heavy trading volume on BSE as around 1.47 lakh shares changed hands today. The figure was way more than the two-week average volume of 15,000 shares. Turnover on the counter came at Rs 19.51 crore, commanding a market capitalisation (m-cap) of Rs 2,054.43 crore.
On technical charts, the counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 64.06. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 188.81 against a price-to-book (P/B) value of 4.78. Earnings per share (EPS) stood at 7.21 with a return on equity of 2.53.
Support on the counter could be seen at the Rs 1,250-1,220 zone. And, a breach above the Rs 1,380-1,400 range is required for more upside.
"RIIL has witnessed a sloping trendline breakout with its recent volume-backed move. The stock seems poised to continue its upward move with support lying around Rs 1,250-1,220. On the higher end, Rs 1,380-1,400 seems to be a daunting task and a decisive breach can only trigger a fresh leg of rally," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
RIIL shares turned ex-dividend last week on June 5. The company had declared a final dividend of Rs 3.50 per share for the financial year 2023-24 (FY24).
Reliance Industrial Infra is mainly engaged in the business of setting up and operating industrial infrastructure. RIIL is led by Mukesh Ambani, the chairman of Reliance Industries Ltd (RIL).