RIL stock is approaching its 52-week high of Rs 1,603.24, which is currently just 1.6 per cent away.

Reliance Industries (RIL) shares were trading higher for the fourth straight session on BSE in Thursday’s otherwise weak market. RIL share price gained over 2 per cent to Rs 1,577.30 apiece after the company informed it has received a great response to its Rs 53,124 crore rights issue as it got subscribed 1.59 times. The stock is approaching its 52-week high of Rs 1,603.24, which is currently just 1.6 per cent away. With today’s gain in the stock, RIL share price has rallied over 81 per cent from it’s March of Rs 867.82 apiece. Reliance Industries shares have gained over 6.5 per cent since Monday’s opening price of Rs 1,480 per share.

Research and brokerage firms are upbeat on the stock with a price target of up to Rs 1,700, an upside of over 10 per cent to Wednesday’s close. “RIL is investing in a range of new-age technologies and materials to provide end-to-end tailor-made solutions to key industries, thereby expanding its petchem value chain,” Axis Securities said in a research report. From Wednesday’s close, RIL stock will have to jump 10 per cent to touch the target price of Rs 1,700 pegged by Axis Securities.

In April this year, RIL announced that social giant Facebook has agreed to buy a 9.99% equity stake in Mukesh Ambani’s Reliance Jio for Rs 43,574 crore. “Monetising the reach of Jio and Whatsapp as customers for Reliance’s e-commerce and digital offering will see the fruition of Reliance’s grand plan over the coming years,” foreign brokerage CLSA said, reiterating its ‘buy’ rating to the stock.

Another brokerage firm Emkay Global Financial Service maintained its constructive view on RIL, with a target price of Rs 1,630, an upside of 5.6 per cent. “Following Facebook, the latest round of fundraising at Jio Platforms (JPL), involving reputed international financial investors like Silver Lake, Vista Equity and General Atlantic, further affirms credibility and outlook,” brokerage firm said in its research report. “We remain positive on Jio’s tariff outlook and expect ARPU improvement from H1FY21 while pencilling another industry tariff hike in FY21,” it added.

Since April, the total percentage of stake sale by RIL so far in Jio Platforms has reached to 17.12 per cent for Rs 78,562 crore. It has raised funds from General Atlantic, Vista Equity Partners, Silver Lake and Facebook.