Reliance Shares Jump Another 2%: What's Driving The Momentum?

Shares of Reliance Industries surged over 2% to reach Wednesday's intraday high of ₹2,431.95. 

What Happened: The Mukesh Ambani-led conglomerate continued its two-session gaining streak at the bourses as multiple announcements added to the positive sentiment. Shares of the company jumped over 2% yesterday after global top analyst Jefferies estimated a 33% upside in the stock.

The positive sentiment is reiterated by domestic brokerages, such as BOB Capital Markets, HDFC Securities, and ICICI Securities, who all see a double-figure upside in the stock.

See Also: Adani Enterprises' Soaring Q3 Profits See Share Price Take Off

The Company also announced the launch of Reliance Jio's 5G Services in 21 cities across the country on Tuesday. Jio 5G is now available in 257 cities across the country, the company informed in a regulatory filing.  

The company's retail arm Reliance Retail also launched its new online beauty platform, Tira, yesterday on the occasion of Valentine's day. The platform will be focused on beauty and personal care products. Although the platform is currently only available to employees, the company has said that it will soon be made available to the public.

Earlier on Tuesday, the company informed that the National Company Law Tribunal approved the resolution plan jointly submitted by Reliance Industries Limited and Assets Care & Reconstruction Enterprise Limited for the resolution of Sintex Industries Limited last week.

Price Action: Reliance Industries shares jumped 2.22% to close at ₹2,430.10 on Wednesday. 

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Posted In: 5GBeauty ProductsJioMukesh AmbaniReliance Industries LtdReliance JioReliance Retail