The Indian stock market experienced a significant increase on June 28, with the BSE Sensex reaching a new all-time high. This surge was driven by the performance of heavyweight stocks like Reliance Industries, HDFC Bank, Infosys, Larsen & Toubro, and HDFC. These companies, representing various sectors, showcased strength and resilience, attracting investor interest. Investors should closely monitor their performance and consider their potential for long-term investments.
According to Forbes real-time billionaire list, Ambani is the sixth richest in the world with an overall net worth of $103.20 billion. On the other hand, Gautam Adani is the seventh richest with Rs 101.1 billion of net worth.
Despite a massive underperformance at the bourses since the last six months, analysts are turning optimistic on Reliance Industries (RIL). Those at Jefferies, for instance, say that the company is a proxy play for India’s consumption growth story. The key catalysts for the stock, according to a Jeffries note, include faster-than-expected market share gain in retail, oil-to-chemicals (O2C) stake sale, recovery in gross refining margins (GRM), potential public listing of Jio and even a possible banking licence going ahead. That apart, analysts feel any tariff hike in Reliance Jio (RJio) – its telecom venture – will also aid performance. With balance sheet adequately de-levered, proceeds from a strategic stake sale in the O2C business will create a sizeable war chest for the company, analysts say.