Reliance Share Price: Shares of Reliance Industries Ltd have closed at a record high due to Castrol India Ltd joining hands with Reliance Jio BP to sell lubricants in India and market buzz about the company’s mood in EV charging infra business. Reliance share price today opened with a gap of above and reached its intraday high 2808 each level on NSE, which is fair 48 per share far from its lifetime high 2856.15 per share.
According to stock market experts, Castrol India joins hands with Reliance Jio BPmarket discussion RIL forays into EV charging infrastructure businessExpected IPOs of Reliance Jio and Reliance Retail are some of the major reasons that fueled the Reliance share price rally. However, he strongly advised new investors to avoid taking any fresh positions at the current levels. He said that those who have Reliance shares in their portfolio, they can put a stop loss on 2650 gets stored further if it drops below from 2700 2720 each level.
Speaking on the reason for the rise in Reliance share price today, Avinash Gorakshakar, Head of Research, Profitmart Securities said, “Reliance share price is rising due to Reliance Jio BP’s joint venture with Castrol India Limited, which is opening a window. Opportunities for Reliance Indian Limited through lubricant sales. Recently, it has opened free electric vehicle charging stations for its employees, thereby entering into RIL’s EV charging infrastructure business and competing against Tata Power. Speculations have intensified.”
Echoing the views of Avinash Gorakshakar, Ravi Singhal, Vice Chairman, GCL Securities said, “The market is in discussion that in the upcoming commentary, RIL may announce Reliance Jio and Reliance Retail IPO by unlocking its business from RIL. This is also one of the reasons why the bulls have moved towards RIL shares today. Those who have Reliance shares in their portfolio are advised to go ahead with the stock maintaining the stop loss. 2650. If the stock declines they should deposit more from 2700 2720 levels.”
However, for those looking to make a fresh entry into RIL shares, Avinash Gorakshakar of Profitmart Securities advises to wait for the upcoming Reliance Industries commentary as things will become more clear after the commentary.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.