Reliance Industries Ltd (RIL) shares were in focus on Monday after CLSA upgraded its rating for the stock to 'buy' from 'outperform'. On BSE, RIL shares rose as much as three percent to Rs 2,406.4 apiece.

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CLSA raised its target price for RIL stock to Rs 2,955 from Rs 2,850.

RIL shares finished the day with a gain of 2.2 percent at Rs 2,386.4 apiece.

CLSA believes the stock is at a good entry point to play its long-term promise across multiple big India themes. The company is now within 15 percent of the brokerage's conservative value.

This month, the oil-to-telecom conglomerate reported a record consolidated net profit of Rs 18,549 crore for the quarter ended December, up 33.8 percent sequentially. Its quarterly revenues rose to Rs 1.85 lakh crore from Rs 1.67 lakh crore in the quarter ended September 2021, led by robust operational and financial performance across verticals.

Analysts in a CNBC-TV18 poll had predicted Reliance Industries' net profit at Rs 15,660 crore over revenues of Rs 1.93 lakh crore.

Reliance Industries' digital arm, Reliance Jio Infocomm, posted a 2.5 percent sequential rise in net profit to Rs 3,615 crore with a 3.3 percent increase in revenue to Rs 19,347 crore. Analysts had predicted Reliance Jio Infocomm’s net profit at Rs 3,451 crore and revenue at Rs 19,330 crore.

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First Published:Jan 31, 2022 11:24 AM IST