Reliance Industries has been a stalwart in the Indian stock market for many years. The company’s shares have seen significant growth, particularly in the last five years. The stock hit another milestone today breaching the ₹18 lakh crore market cap mark for the first time.
The Investment: If your parents had invested ₹10,000 in Reliance a decade ago, on July 10, 2013, he would have been able to purchase 23 shares at the closing price of ₹423.98 per share. Today, those shares would be worth ₹63,227, given the current market price of ₹2,749 per share. That’s a substantial return of over 530% on the initial investment.
Background: The surge in the stock comes today as the oil-to-telecom giant announced the demerger of Jio Financial Services. The record date for the demerger has been set for July 20, 2023.
Reliance’s share price surged up close to 5% to hit an all-time high of ₹2,756. The stock is also upbeat as global research firm JP Morgan maintained its ‘overweight’ rating for the stock with a price target of ₹2,960.
Price Action: Reliance’s share price was up 4.38% to trade at ₹2,748.95 on Monday afternoon.
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