Reliance Industrial shares soar 7%; here's what analysts say

April 23,2024

Shares of Reliance Industrial Infrastructure Ltd surged 7.23 per cent in Monday's trade to hit a high of Rs 1,355.75. The stock was last seen trading 4.01 per cent higher at Rs 1,315. At this price, it slipped 7.24 per cent in 2024 so far.

The company's net profit came at Rs 369.24 lakh in the fourth-quarter (Q4 FY24) as compared to Rs 362.30 lakh in Q4 FY23. Total income stood at Rs 2,070.05 lakh as compared to Rs 2,080.83 Lakh on YoY basis, on account of lower utilisation of infrastructure assets, partly offset by other income from higher average cash and marketable securities.

The Board of directors has also recommended a dividend of Rs 3.50 per fully paidup equity share of Rs 10 each, aggregating Rs 528.50 Lakh for FY24.

On the technical front, support on the counter could be seen at the Rs 182-180 zone.

AR Ramachandran from Tips2trades said, "Reliance Infrastructure looks bearish on daily charts with strong resistance at Rs 204. A daily close below support of Rs 182 could lead it to a lower target of Rs 161 in the near term."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 180 and resistance at Rs 208. A decisive close above the Rs 208 level may trigger a further upside till Rs 228. The expected trading range will be between Rs 170 and Rs 230 for a month."

Reliance Industrial is a part of Reliance Industries Ltd (RIL). As of March 2024, promoters held a 45.43 per cent stake in the company.