Reliance Industries stock hits all-time high after Morgan Stanley revises price target

Shares of Reliance Industries Ltd (RIL) hit all-time high in early trade today, adding to the gains in benchmark indices.
RIL share climbed 2.13 per cent intraday to Rs 2,776.4 on BSE. The large cap stock has gained 8.7 per cent in the last three sessions. Market cap of the Mukesh Ambani-led conglomerate rose to Rs 18.79 lakh crore on BSE.

The rally in the stock comes after Morgan Stanley raised RIL target price to Rs 3,253 per share from Rs 2,926, implying an upside of 19.66 per cent. The brokerage also reiterated its overweight/inline stance for the firm.

Morgan Stanley said it sees multifaceted hydrogen boost for RIL with up to US$25bn potential energy upcycle which should help fund its growth and lift multiples.

"As world retools way it produces and uses energy, and as energy security takes center-stage, green hydrogen is gaining attention. Hydrogen adoption plans are quickly progressing, with RIL best positioned to capitalise on them," the brokerage added.

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RIL share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. RIL share has climbed 46.07 per cent in one year and risen 17.28 per cent in 2022.

The share hit a 52-week low of Rs 1,877 on April 22, 2021.

Total 1.69 lakh shares of the firm changed hands amounting to turnover of Rs 46.75 crore on BSE.

In February this year, RIL in a presentaton said it was targeting to become one of the largest producers of blue hydrogen globally, producing the zero-emission fuel at costs that will be half of the global average.

The operator of the world's largest oil refining complex will re-purpose a Rs 30,000 crore plant that currently converts petroleum coke into synthesis gas to produce blue hydrogen for $1.2-1.5 a kilogram, RIL said in a presentation.

Hydrogen is the cleanest form of known fuel. Depending on production methods, hydrogen can be grey, blue or green.