6 September Reliance Industries Share may remain down till Rs 2949.30, understand confirmation from the chart
Reliance Industries Limited (RIL) has been a focal point in the Indian stock market over the past month. With significant developments, including a recent bonus share announcement, the performance of RIL shares has drawn considerable attention. This article will provide an in-depth analysis of RIL’s stock performance over the last month, examine its current standing, and discuss the implications of recent corporate actions.
Main Points
Recent Performance Overview
In the last month, RIL shares have experienced notable fluctuations. Here’s a summary of the daily closing prices for the past month:
| Date | Closing Price (Rs) | Change (%) |
|---|---|---|
| 5 Sep 2024 | 2985.95 | -1.42 |
| 4 Sep 2024 | 3029.10 | -0.96 |
| 3 Sep 2024 | 3051.55 | -1.42 |
| 2 Sep 2024 | 2995.90 | -0.67 |
| 1 Sep 2024 | 3026.95 | -0.28 |
| 31 Aug 2024 | 2999.95 | +0.12 |
| 30 Aug 2024 | 2996.25 | -0.04 |
| 29 Aug 2024 | 2997.35 | +0.18 |
| 28 Aug 2024 | 2991.90 | +0.51 |
| 27 Aug 2024 | 2976.80 | +0.69 |
As observed, the stock saw a peak of Rs 3051.55 on September 3, but has since declined, closing at Rs 2985.95 on September 5, reflecting a decrease of 1.42% on that day alone.
Market Capitalization and Trading Volume
As of September 4, 2024, Reliance Industries has a market capitalization of approximately Rs 2,049,968.83 crore. The trading volume on this date was 8,132,084 shares, indicating active trading and investor interest despite recent price declines.
52-Week Performance
RIL shares have seen a 52-week high of Rs 3217.9 and a low of Rs 2221.05. This wide range signifies both the volatility and potential opportunities within the stock, making it a point of interest for investors looking to capitalize on market movements.
Key Corporate Developments
On September 5, 2024, RIL’s board approved a 1:1 bonus share issue. This means that shareholders will receive one additional share for each share they currently hold. The record date for this bonus issue will be announced later. This corporate action aims to enhance shareholder value and improve liquidity in the stock market.
Implications of the Bonus Issue
The bonus share issue is significant as it reflects the company’s strong financial position. RIL’s authorized share capital will increase from Rs 15,000 crore to Rs 50,000 crore to accommodate this bonus issue. The total number of equity shares will double, which could lead to increased trading activity and potentially enhance the stock’s attractiveness to new investors.
Current Market Sentiment
Despite the positive news regarding the bonus shares, the stock has faced downward pressure. Following the announcement, RIL shares traded 1.3% lower at Rs 2989. This decline may be attributed to profit booking by investors who anticipated a price adjustment post-announcement. Analysts suggest that while the immediate reaction may seem negative, the long-term outlook remains positive due to the company’s robust fundamentals and growth strategy.
Note: This article is written for educational purposes, Local Haryana does not provide buying and selling of any kind of stock
