Shares of Reliance Industries pared gains to turn flat after hitting its all-time high of Rs 1,973, up 3 percent on BSE on Wednesday. In the 43rd AGM, the company made major announcements like a strategic partnership with Google, development of 5G solutions & products in India, Jio Glass and more.

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The stock had hit an all-time high earlier this week as well after it announced the deal with Qualcomm Ventures.

The stock has more than doubled its wealth from March lows and brokerages expect the stock to cross the Rs 2000-mark soon.

Major brokerages have raised their target price for the RIL stock after the company announced 13th investment in Jio Platforms within 12 weeks. With this investment, Jio Platforms has raised Rs 118,318.45 crore from leading technology investors.

Post the investments, RIL also became the first Indian company to cross a market capitalisation of Rs 12 lakh crore. From a mcap of Rs 11 lakh crore, it took the company only 16 sessions to reach this milestone.

Angel Broking has raised its target price for the stock from Rs 1,879 to Rs 2,073, indicating an upside of 10.4 percent from the current market price. However, it noted that given that the stock has rallied by more than 120 percent from its March lows there could be some volatility ahead in the stock.

Motilal Oswal also raised the target price for RIL to Rs 2,000 from Rs 1,743 per share. The brokerage said that the firm's focus and determination with which it has executed its foray into digital and retail segments is highly commendable.

"RIL’s digital segment has seen partnerships with global giants like Facebook, Microsoft, Intel and host of well known global private equity players. This has further boosted investor confidence in the company’s growth prospects and the possible synergies that could be extrapolated to retail. As RIL has achieved a decent foothold in both digital services and organized retail it may now turn its focus to the ‘oil-to-chemicals’ project, for which it has signed an MoU with Saudi Aramco. RIL had guided for this project in its 2019 Annual General Meeting," the MOSL report stated.

Kotak Institutional Securities also upped the target price to Rs 2,150 from Rs 1,750 earlier. As per the brokerage, foray in digital commerce business to be the next big driver for the firm as it is at the forefront of consumer-facing digital ecosystem opportunity in India. Reliance Retail can double revenues to over $26 billion from core segments in the next 4 years, it added.

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First Published:Jul 15, 2020 1:15 PM IST