Reliance Industries shares slip after record single-day rally on Tuesday
The stock fell over 1 per cent in intraday trade following an 11.6 per cent surge on Monday.
Reliance Industries shares declined over 1 per cent in intraday trade on Tuesday, November 3, following profit booking. According to Mint, the stock fell as much as 1.3 per cent to an intraday low of ₹1,281.55 on the NSE, giving back some of the gains seen on Monday.
The shares had surged 11.6 per cent on Monday to close at ₹1,300, marking the stock's biggest single-day gain since April 2020. This rally added ₹1.84 lakh crore to the company's market capitalisation, bringing it to ₹17.6 lakh crore.
The recent rebound followed the company reporting a record consolidated profit after tax of ₹29,550 crore for Q2FY27. This was a 33.8 per cent increase from ₹22,092 crore in the same quarter last year. Revenue rose 27.8 per cent year-on-year to ₹3,62,268 crore.
The oil-to-chemicals business was the largest contributor, with its EBITDA surging 67.9 per cent to ₹25,203 crore. However, Reliance Retail Ventures reported a 24.3 per cent decline in profit after tax to ₹2,611 crore, despite a 6.4 per cent rise in revenue.
Motilal Oswal Financial Services maintained a Buy rating on the stock with a revised target price of ₹1,520 per share. The brokerage stated the stock was trading at an estimated 54 per cent holding-company discount on its 64.5 per cent stake in Jio Platforms.
Market Analyst Mayank Jain of PhonePe Invest said existing shareholders might watch if the stock establishes a base around the ₹1,000-1,100 support region. He suggested prospective investors may wait for a confirmed reversal above the 20-day and 50-day moving averages.