Reliance Industries, led by billionaire Mukesh Ambani, saw its stock rise by 3% on Monday. The jump came after the company reported strong results for the last quarter, with its telecom and retail businesses performing well. Analysts were optimistic about the company’s future, raising their stock price targets and giving positive ratings.
Reliance’s shares reached their highest level since October, making it one of the top gainers on India’s Nifty 50 index. Antique Broking, a research firm, said that the company’s stock is now fairly priced and has good potential for growth, especially in its telecom business. They expect Reliance’s telecom division to keep growing with more subscribers and even higher prices for services in the coming months.
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The company’s quarterly profit exceeded expectations, driven by strong performance in both telecom and retail. After the results, 13 out of 32 analysts raised their price targets for the stock, and 11 upgraded their ratings. So far in 2025, Reliance’s shares have gained around 11%, while the Nifty index has only risen by 2%.
Analysts also expect that the upcoming price hikes in telecom services and the potential public listing of Reliance’s telecom division will continue to drive the company’s growth this year.
