Reliance Industries stock has risen 5% in last six sessions. The stock has risen 33% during the last one year and gained 26.77% since the beginning of this year. 
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Reliance Industries stock has risen 5% in last six sessions. The stock has risen 33% during the last one year and gained 26.77% since the beginning of this year. Reliance Industries Ltd (RIL) share price hit a fresh 52-week high in trade today after the Mukesh Ambani-led firm reported Q2 earnings which came in line with expectations. Reliance Industries share price reached a fresh 52-week high of Rs 1,437.65 compared to the previous close of Rs 1,415.30 on BSE. Earlier in the day, the large-cap stock opened higher at Rs 1,427.
Reliance Industries stock has risen 5% in last six sessions. The stock has risen 33% during the last one year and gained 26.77% since the beginning of this year.
On Friday, the stock closed higher ahead of Q2 earnings set to be announced after market hours. Reliance Industries share price closed 1.37% or 19.15 points higher at Rs 1,415.30 compared to the previous close of Rs 1,396.15 on BSE.
Reliance Industries reported 18.3 per cent year-on-year (YoY) rise in consolidated net profit at Rs 11,262 crore for the second quarter ended September 30, 2019 compared to consolidated net profit of Rs 9,516 crore in the same quarter last year helped by strong performance across all business segments. As per Bloomberg consensus estimates, RIL was expected to post a 17 per cent jump in its consolidated net profit to Rs 11,158 crore for Q2FY20.
RIL's consolidated net revenue grew by 4.8 per cent to Rs 163,854 crore in July-September quarter of FY20, compared to Rs 1,56,291 crore in the corresponding quarter, driven by robust growth in retail and digital services businesses.
During the quarter under review, RIL's profit before tax (PBT) increased by 15.5 per cent to Rs 15,055 crore as against Rs 13,198 crore in quarter ended September 2018. The company's operating profit (EBITDA) rose by 7.1 per cent YoY to Rs 23,169 crore from Rs 21,641 crore in the corresponding period of the previous year, helped by strong operating performance in retail and digital services business.
Other income jumped nearly 3-fold to Rs 3,614 crore in Q2FY20 against Rs 1,250 crore in Q2FY19.
After Q2 earnings were announced, brokerage Emkay raised its target price for the stock by 9% to Rs 1,540 and maintained hold position on the stock. Motilal Oswal also reiterated its Buy rating on the company with a revised target price of Rs 1,630.
Market capitalisation of the firm stood at Rs 8.97 lakh crore at close on Friday. During the day, the Mukesh Ambani-led conglomerate became the first firm in India to cross the Rs 9-lakh crore market capitalisation mark. The conglomerate was also the first to reach Rs 8 lakh crore market cap mark in August last year.
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Reliance Industries' market capitalisation rose to Rs 9.03 lakh crore intra day after the stock reached Rs 1,428, a fresh 52-week high. Reliance Industries share rose 2.28% intra day to Rs 1,428 compared to the previous close of Rs 1,396.15 on BSE. The large cap stock opened at Rs 1,403.10. The stock has gained 4.69% in last five sessions. Its closest competitor TCS clocked a market capitalisation of Rs 7.71 lakh crore on Friday. The IT stock closed 1.31% or 26.65 points higher at Rs 2057.35 on BSE.
By Aseem Thapliyal
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