Reliance Industries’ stock surged to a new 52-week high on Friday, lifted primarily by a bullish reiteration from global brokerage Jefferies that reignited investor appetite for the conglomerate. The shares jumped to ₹1,579 on the NSE, in early trade up nearly 1 per cent from its previous day’s closing of ₹1,567.
Jefferies maintained its ‘buy’ rating with a target price of ₹1,785, citing double-digit growth across Reliance’s core businesses—digital services (Jio), retail, and oil-to-chemicals—from early FY26.
The brokerage highlighted upcoming catalysts like Jio’s potential IPO, tariff hikes, scaling FMCG operations, new energy initiatives, and a data-centre partnership with Google, while noting the stock trades below its long-term EV/EBITDA multiple for favourable risk-reward.
This gain extends year-to-date returns to 29 per cent, outperforming the NSE Nifty 50’s 10.5 per cent, with market cap reaching ₹21.35 lakh crore.
Supporting views from JP Morgan, Motilal Oswal, and UBS emphasize refining strength, earnings upgrade potential, and battery manufacturing progress, aligning with an average analyst ‘buy’ rating and median target of ₹1,685.
