Reliance shares: Experts see upside after Q2 results 2023
Reliance shares: After announcement of Q2FY24 results on Friday evening, Indian stock market is expected to react to its quarterly numbers on Monday. According to stock market experts, Reliance Industries Q2 results for the financial year 2023-24 has come on the expected lines and hence some upside can be expected in Reliance share price on Monday.
RIL Q2 results: Reliance Industries reports net profit of ₹17,394 crore
Stock market experts said that RIL has reported growth in all business segment and hence some buying interest in the stock is expected. They expected Reliance shares to touch ₹2,300 to ₹2,350 apiece levels in near term whereas its support placed at ₹2,210 per share levels may remain strong bounce back zone for the Sensex heavy weight.
Reliance Q2 Results: Healthy growth in profit, EBITDA; 5 key highlights
Decoding Reliance Q2FY24 results
Speaking on Reliance Q2FY24 results, Swarnendu Bhushan, Co Head of Research at Prabhudas Lilladher said, “RIL reported Q2 results with standalone EBITDA & PAT of ₹191.9 bn (10%Q/Q; PLe: ₹222.5bn) and ₹112.1bn (16%Q/Q; PLe: ₹141.9bn) .” Prabhudas Lilladher said that company’s gas EBIDTA was at ₹48 billion, which is 18 per cent higher against its gas EBIDTA in Q1FY24.”
Reliance Retail Q2FY24 results: Net profit rises 21% to ₹2,790 crore
Asked about Reliance results for the second quarter of current financial year, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “RIL results are in sycn with market expectations and rise in Gas EBIDTA has done the trick for oil major. In fact, most of the oil producing companies have reported better quarterly numbers due to margin benefit on their buffer stock after the recent rise in crude oil prices. But, further rise may not be good for RIL and other oil making companies. So, we need to remain vigilant about the Israel-Hamas war.”
Reliance share price outlook
Expecting bounce in Reliance shares after Q2 results 2023, Sumeet Bagadia, Executive Director at Choice Broking said, “Reliance share price may touch ₹2,300 and ₹2,350 apiece levels. So, those who have Reliance shares in their portfolio, can hold the scrip with trailing stop loss at ₹2,210 for near term target of ₹2,350 levels.”
Choice Broking expert went on to add that on breaching ₹2,350 target on closing basis, Reliance share price may go up to ₹2,500 levels in quick time.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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Updated: 28 Oct 2023, 09:47 AM IST
