Mukesh Ambani: Reliance shares close to all-time high, forecast to reach this price, Goldman Sachs gives target

Shares of India and Asia's richest man Mukesh Ambani's company Reliance Industries touched near all-time highs today. It rose over 3.5% during trading to Rs. 2995.00 has been reached. Its 52-week high is Rs 3,024.80.

Today, the share of the company is seeing a surge

The company's shares reached this level on March 4. Goldman Sachs has maintained a buy rating on Reliance shares with a target price of Rs. 2925 to Rs. 3,400 has been done. Due to this, the share of the company is seeing a rise today. At 1.45 pm, the stock gained 3.62 percent to Rs. was trading at 2988.50.

Reliance's risk-to-reward ratio still favourable: Goldman Sachs

Shares of Reliance last session on BSE traded at Rs. 2884.15 and today closed at Rs. opened at 2899.65. Goldman Sachs said in its stock review note that Reliance's risk-to-reward ratio remains favorable. The stock is near its 52-week high. Goldman Sachs says the company's EBITDA could grow at an annual rate of 17 percent between fiscal 2024 and 2027.

Company performance

Shares of Reliance are currently trading above the 50-day and 200-day moving averages. According to speed indicators, it can accelerate significantly.

Profit fell by 0.7 percent and revenue by nearly three percent

Reliance, the country's largest company by market cap, grew at a pace of 9.3 percent in the December quarter to Rs. 17,265 crore profit was made. The company's consolidated income from operations rose 3.6 percent to Rs. 2.28 lakh crores. On a quarterly basis, the company's profit was down by 0.7 percent and revenue by nearly three percent.