Reliance Industries is India’s biggest conglomerate. Over the years, the company has generated incredible returns for its investors. It has even propelled Mukesh Ambani to the top of India’s rich list. Back in 2007, Mukesh Ambani became the first Indian trillion as his wealth surged past the ₹1 lakh crore mark.
The Investment: If you had invested ₹10,000 in Reliance on May 28, 2007 — when Ambani became India’s first trillionaire — you would have bought around 26 shares as Reliance’s share traded at ₹381.42. Fast forward to January 20, 2024, and those shares, now trading at around ₹2734.89, would be worth a staggering ₹71,702.65.
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Reliance Q3 earnings: Reliance’s shares were volatile on Saturday as the company reported its earnings for the December quarter. Reliance Industries reported an 11% year-on-year increase in net profit for the December quarter, reaching ₹19,641 crore compared to ₹17,706 crore in the same quarter the previous year. The profit growth was affected by weakness in the energy segment, offsetting steady profit growth in RIL’s retail and telecom businesses.
The gross revenue for the quarter increased by 3.2% to ₹2.48 lakh crore, up from ₹2.40 lakh crore in the corresponding period the previous year.
Here is how analysts reacted to the company’s Q3 results:
| Analyst Firm | Rating | Target Price (₹) |
|---|---|---|
| Morgan Stanley | Overweight | ₹2,821 |
| CLSA | Buy | ₹3,060 |
| Citi | Neutral | ₹2,910 |
| Dolat Capital | Buy | ₹3,010 |
| Emkay Global | Add | ₹2,950 |
Price Action: Reliance's share price was up 0.37% to trade at ₹2,744.95 on Saturday afternoon.
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