Reliance Industries shares settled 11.6 percent higher on Monday, marking their biggest single-day gain in more than six years, as analysts remained positive on the stock, citing consistent improvement in the company's oil-to-chemicals (O2C) segment over the past two quarters.
Reliance Industries shares could rise to Rs 1,700 over the next 24-36 months, implying an upside of nearly 46 percent from Friday’s close, according to Ajit Mishra, an analyst at Religare Broking.
His forecast comes as the RIL stock surged 11.6 percent on Monday, its biggest single-day gain in more than six years, amid improving performance in the company’s oil-to-chemicals (O2C) business.
Speaking to CNBC-Awaaz, Mishra said a target price of Rs 1,700 for Reliance Industries is achievable over the next 24-36 months.
Mishra said the conglomerate's diversified businesses provide support to its overall performance, with different segments contributing to growth at different times.