Reliance share price today 24th July, 2023
Brokerage companies had estimated Reliance’s consolidated net profit to fall by 10 percent to Rs 16,170 crore. Consolidated revenue was also expected to decline by two per cent year-on-year to Rs 2.15 lakh. But both of them were less than expected. The company’s revenue has also declined by 5.3 percent in the June quarter and stood at Rs 2.07 lakh crore. Mumbai-based market expert Hemang Jani said that Reliance shares could fall by five to seven per cent in the short term. Although some experts say that the stock of the company may rise.
how far will the price go
Global Depository Receipts of the London-listed company declined 5.9 per cent after the company’s results came out on Friday. Before the result, the company’s stock had closed at Rs 2536.20, down 3.19 per cent or Rs 83.60. A day before that, due to the demerger of Financial Services, Reliance’s stock had reached an all-time high. Brokerage firm MK Global has downgraded Reliance and put it on hold. The company has given it a price target of Rs 2,660. Reliance’s stock had gone down to Rs 2012 in March but on July 19 it reached an all-time high. July 20 was the record date for the demerger.
Brokerage firm Goldman Sachs has maintained buy rating on Reliance shares. He says that the company’s retail and telecom business have performed well in the June quarter. Kotak also has an add rating on Reliance with a target price of Rs 2,700. Nuwama has a buy recommendation on Reliance stock with a target price of Rs 3,088.
