RIL Share Price Today: How Are Reliance Industries Shares Performing Ahead Of Q3FY24 Results?

Shares of Reliance Industries Ltd (RIL) remained on investors' watchlist on Thursday (Jan 18) ahead of the announcement of the company's Q3FY24 results. Today, Reliance Industries shares were spotted trading 0.16% higher at Rs 2727.10 per share at 1:46 pm IST. Reliance is India's largest company in terms of market capitalization. The company has a market cap of Rs 18,45,069.78 crore. RIL shares traded at a new 52-week high value of 2792.65 on January 15. The stock has a 52 Wk High and 52 Wk low of Rs 2,792.65 and Rs 2,012.14 respectively. In this year so far, the share price of Reliance Industries has gained 5.31%.

Market experts believe that the diversified conglomerate is expected to report a decent set of numbers for the quarter under review, thanks to higher utilization of refineries sustaining their robust operating efficiency.

On the back of strong performance in the telecom and retail segments, RIL's consolidated net profit may grow 4% sequentially to Rs 18,080 crore for the quarter ended December 2023, according to the consensus of analysts' estimates tracked by Bloomberg. However, the company's operating profit-EBITDA is projected to fall marginally or 1.3% sequentially to Rs 40,413 crore. The Oil-to-telecom conglomerate is likely to report satisfactory numbers in the retail segment's revenue and operating numbers on account of higher footfalls, as the third quarter was a season of festivities. The numbers will be supported by strong operational leverage as well.
The company recently talked about its upcoming Dhirubhai Ambani Green Energy Giga Complex in Jamnagar spread over 5,000 acres at the recently concluded Gujarat Vibrant Summit.

RIL Target Price:
Reliance is moving towards commencing New Energy-chain production along with strategic mergers & acquisitions (M&A), PLI-wins, and plant progress. In view of all this, analysts believe that Reliance Industries stock needs a valuation re-rating for its New Energy business.

The Mukesh Ambani-led company is moving closer to its New Energy vision, securing multiple PLIs on the way. The PLIs are under both rounds of solar modules. RIL (apart from Greenko) is the only company to win incentives for both G H2 and Electrolysers concluded recently.

It won incentives of $0.3/kg for electrolyser capacity of 300MW (25% of allotted capacities) and $0.23 for G H2 capacity of 90,000MT (22% of allotted capacities).
Nuvama Institutional Equities has raised its target price on Reliance Industries shares by 5% to Rs 3,105 a piece by rolling forward RIL's New Energy valuation to FY26E sales. The brokerage house has maintained a 'Buy' rating on the RIL shares.

Reliance Industries share price performance:
Shares of Reliance Industries have gained 17.38% in the last three months. The stock has gained 19.41% in the last one year. The last two years and three years returns from the stock have increased 17.22% and 48.98% respectively.