Reliance Shares: Following the release of the Q2FY24 results on Friday night, the Indian stock market is anticipated to respond to the quarterly data on Monday. Stock market analysts predict that Reliance Industries’ Q2 results for the fiscal year 2023–2024 have exceeded expectations, which means that the company’s share price will rise on Monday.
Experts in the stock market stated that since RIL has reported growth in every business segment, some buying interest in the stock is reasonable. It was anticipated that Reliance shares would reach levels of ₹2,300 to ₹2,350 per share in the near future. Meanwhile, its support at ₹2,210 per share could continue to be a strong area for the Sensex heavyweight to rebound from.
Decoding the Reliance Q2FY24 results
Swarnendu Bhushan, Co-Head of Research at Prabhudas Lilladher, commented on Reliance Q2FY24 results, saying, “RIL reported Q2 results with standalone EBITDA & PAT of 191.9 bn (10%Q/Q; PLe: 222.5bn) and 112.1bn (16%Q/Q; PLe: 141.9bn).” Prabhudas Lilladher stated, “The company’s gas EBIDTA was at 48 billion, which is 18% higher than its gas EBIDTA in Q1FY24.”
When asked about Reliance’s second-quarter results for the current fiscal year, Avinash Gorakshkar, Head of Research at Profitmart Securities, said, “RIL results are in line with market expectations, and the increase in Gas EBIDTA has done the trick for the oil major.” In fact, as a result of the recent increase in crude oil prices, the majority of oil-producing companies have reported better quarterly results. However, further increases may be detrimental to RIL and other oil companies. As a result, we must remain vigilant regarding the Israel-Hamas conflict.”
Reliance share price outlook
According to Sumeet Bagadia, Executive Director at Choice Broking, “Reliance share price may touch 2,300 and 2,350 apiece levels after Q2 results from 2023.” Those who own Reliance shares can hold the stock with a trailing stop loss of ₹2,210 for a near-term target of ₹2,350.”
Choice Broking expert went on to add that on breaching ₹2,350 target on a closing basis, Reliance’s share price may go up to ₹2,500 levels in quick time.
