Reliance Industries shares jumped 1.5 per cent in a weak market on Wednesday after brokerage Nomura increased its price target on the stock to Rs 1,000, a 16 per cent upside from current levels of nearly Rs 860.
This is the second upward revision in RIL stock price this week. On Monday, CLSA had raised its target price on the stock to Rs 930.
Nomura retained its "buy" rating on the stock citing an improvement in exploration and production sentiments. Petro-chemical cycle upturn and capacity expansion are getting closer, Nomura added.
At 09.45 a.m., RIL shares traded 1.35 per cent higher at Rs 859 on the BSE against a 0.07 per cent decline in the Sensex.
Last week, Oil Minister M Veerappa Moily allowed Reliance Industries to explore for oil and gas within the producing fields subject to certain conditions. RIL had proposed to drill an exploration well on the flagging D1&D3 gas fields in the KG-D6 block to study reservoir characteristic.
The ongoing share buyback has also support RIL stock price.
By December 30, Reliance Industries had bought back shares worth over Rs. 3,800 crore from public shareholders since the launch of its share repurchase programme in February -- achieving 37 per cent of the target with less than a month left for its completion. RIL's buyback would end on January 19, 2013.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
