Reliance Industries Ltd. share price rose 4.7% at the back of after a large trade in the pre-open session on Friday and the company's third quarter financial result released a day prior.
The stock witnessed a block deal of 17 lakh shares, according to Bloomberg.
The Mukesh Ambani-led company posted a 4% sequential climb in its revenue from operations to Rs 2.39 lakh crore for the quarter ended Dec. 31, 2024. This is in line with the consensus estimate of analysts tracked by Bloomberg.
The net profit of the oil-to-telecom conglomerate rose 12% sequentially during the third quarter, on the back of a strong overall performance.
RIL's bottomline during the quarter under review came in at Rs 21,804 crore, according to their exchange filing. This is comparable with the consensus estimate of Rs 18,337 crore of analysts tracked by Bloomberg.
RIL Share Price Movement
RIL share price jumped 4.7% to Rs 1,326 apiece soon after market open. This compared to 0.54% decline in the benchmark Nifty 50.
The stock has declined 4.6% in the last 12 months. The relative strength index was at 62.
Thirty-five out of the 47 analysts tracking Reliance Industries have a 'buy' rating on the stock, one recommend a 'hold' and three suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price target of Rs 1,624 implies a potential upside of 28%.
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