Buy Reliance Industries, target price Rs 2520: ICICI Direct

ICICI Direct has buy call on Reliance Industries Ltd. with a target price of Rs 2520. The current market price of Reliance Industries is Rs 2402.4. Time period given by analyst is Intra Day when Reliance Industries Ltd. price can reach defined target.

Reliance Industries Ltd., incorporated in the year 1973, is a Large Cap company (having a market cap of Rs 1631010.52 Crore) operating in Diversified sector.

Reliance Industries Ltd. key Products/Revenue Segments include Petrochemicals, Income From Financial Services, Other Services, Oil & Gas, Others and Income from Retailing for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-12-2021, the company has reported a Consolidated Total Income of Rs 195318.00 Crore, up 9.53 % from last quarter Total Income of Rs 178328.00 Crore and up 52.06 % from last year same quarter Total Income of Rs 128450.00 Crore. Company has reported net profit after tax of Rs 20406.00 Crore in latest quarter.

Investment Rationale
Buying demand emerging from the 52 weeks EMA and the previous major breakout area.

Promoter/FII Holdings
Promoters held 50.61 per cent stake in the company as of 31-Dec-2021, while FIIs owned 27.08 per cent, DIIs 11.29 per cent.