Cracking deal after deal, Reliance Industries (RIL) continues to march ahead. RIL share price increased over 3 percent to mark a new all-time high of Rs 1,882.80 per share on BSE during the late afternoon on Friday.
On Thursday RIL crossed its previous high record of Rs 1,833, which touched earlier this week. From March lows of Rs 868, RIL stock prices have rallied 117 percent, powered by the investments made by the 11 global investors in Jio Platforms.
After the market hours on Thursday, global energy supermajor BP plc and RIL announced the start of their fuel retailing joint venture under the brand name called ‘Jio-bp’.
Aamar Deo Singh the Head Advisory of Angel Broking said “RIL continues to march ahead, striking deal after deal in order to trade at lifetime highs. It has been a dream both for Reliance and its shareholders, in spite of all the gloom post-COVID-19 outbreak.”
Aamar Deo further said entering into planned tie-ups with global leaders like Facebook, KKR and others have significantly helped RIL to fulfill its dream of becoming a debt-free company and turning into a tech company.
He also advised the investors to take a cautious step as the stock price has gone too far too fast.
“Overall, the uptrend remains intact and it appears to be within striking distance of the 2000-mark,” he added.
Since April 2020, Reliance has increased a total investment of Rs 1.17 lakh crore for an equity stake of 25.09 percent in its digital arm, Jio Platforms.
“RIL continues to rise as investors are bullish on the counter. The money flow in the company will help it in becoming debt-free by reding its debt burden considerably.
In addition, Reliance Jio, RIL’s digital arm launched the JioMeet app which can further up to 100 users in a session, to provide a bridge to the opportunity of increased video conferencing demand amid the coronavirus pandemic. JioMeet app was launched after the increased demand and use of apps like Google Meet, Microsoft Teams, Zoom, and others.