Reliance Industries' share has jumped about 140 percent since March and closed at Rs 2,231 on September 30. Analysts and brokerages are highly bullish on the stock and expect higher returns in the near future given the recent wave of investments from foreign firms.

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Pushing the bar further, Gautam Trivedi, Co-founder and Managing Director at Nepean Capital said that RIL's share will cross Rs 3,000 in the next 18 to 20 months.

"The company's management has performed outstandingly by raising funds in times of crisis like this. Mukesh Ambani has gone ahead and has raised a billion dollars a week in the last 25 weeks, which is simply incredible," said Trivedi.

On September 30, General Atlantic Partners announced it was investing Rs 3,675 crore in its retail subsidiary Reliance Retail Ventures.

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This is the third strategic investment in RIL's retail unit within a month and the second investment by General Atlantic after a Rs 6,598.38 crore investment in Jio Platforms.

Angel Broking had recommended to "accumulate" the stock with a target price of Rs 2,543 given the robust growth over the next few years on the back of tariff hikes and subscriber addition on Reliance Jio.

Kotak Institutional Equities in its report had recently rated 'ADD' to the stock at a fair value of Rs 2,256. Meanwhile, Motilal Oswal raised the bar to Rs 2,450-Rs 2,500 in the next few days and Rs 2,650-Rs 2,700 in the coming months.

According to Morgan Stanley, the company will benefit from undercurrents in the telecom industry and rising foray into other digital businesses. It had placed an "overweight" call on RIL.

Last month, Reliance Retail had announced the acquisition of the retail and logistics businesses of Kishore Biyani’s Future Group in a $3.38 billion deal, including debt.

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