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Reliance Industries Shares Jump 4% to Scale New Highs; Morgan Stanley Says Stock May Hit Rs 2,000

Reliance Industries achieved a major feat on Tuesday when it became the first company among listed entities on exchanges to hit a market capitalization of Rs 9.5 lakh crore.

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Updated:November 20, 2019, 3:25 PM IST
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Reliance Industries Shares Jump 4% to Scale New Highs; Morgan Stanley Says Stock May Hit Rs 2,000
A woman walks past the logos of Reliance Anil Dhirubhai Ambani Group during the company's annual general meeting in Mumbai, India. (Reuters)

Reliance Industries Ltd (RIL) shares jumped as much as 4% in early trade on Wednesday to scale new highs after the company’s telecom unit Reliance Jio said it will increase mobile phone call and data charges in the next few weeks.

At 10:14 am, RIL shares were trading Rs 1,565.25, up 3.7%, after hitting a record high of Rs 1,572.40. The stock has returned a massive 38% in the past one year compared with a nearly 12% rise in the Nifty 50 index.

Reliance Jio on Tuesday said that the Telecom Regulatory Authority of India (Trai) is likely to initiate consultation process for revision in telecom tariffs. “Like other operators, we will also work with the government and comply with the regulatory regime to strengthen the industry to benefit Indian consumers and take measures including appropriate increase in tariffs in next few weeks in a manner that does not adversely impact data consumption or growth in digital adoption and sustains investments,” it said in a statement.

Reliance Industries achieved a major feat on Tuesday when it became the first company among listed entities on exchanges to hit a market capitalization of Rs 9.5 lakh crore.

Global brokerage firm Morgan Stanley, while maintaining its overweight call on RIL, announced its bull case target price at Rs 2,000 per share on hope of higher refinery margins, potential telecom tariff hike, bottoming P/E cycle, kickstart of gas production, lower capex and ongoing deleveraging.

RIL shares have gained 38% in the last one year as earnings have been strongly supported by its telecom (Reliance Jio) and retail (Reliance Retail) businesses.

The retail business has registered a seven-fold increase in revenue and a 14-fold increase in profit in the last six years. Reliance Jio, meanwhile, has claimed that it is still signing up more than 10 million new customers each month.

(Disclaimer: News18.com is a part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited that also owns Reliance Jio)

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