Investors gave Reliance Industries (RIL) the thumbs up on Wednesday - a day after the company announced that chairman Mukesh Ambani was stepping down from the board of Reliance Jio Infocomm.
Shares of RIL closed trade nearly 2 per cent up on Wednesday over the previous day’s close on the BSE at Rs 2,579.05 apiece, even as the broader market remained weak.
The BSE Sensex was down 150.48 points to close trade at 53,026.97, down 0.28 per cent over the previous day’s close.
In the last five days, the RIL stock is up 2.9 per cent, while shares of the company have been flat in the past three months, reveals data compiled by BS Research Bureau.
Bernstein on Wednesday raised its target price for RIL to Rs 3,360, from Rs 2,830, suggesting a 33 per cent potential upside over Tuesday’s close.
The RIL succession planning, according to experts, is in sharp contrast to the chaos that prevailed when Reliance Group patriarch Dhirubhai Ambani died without a Will 20 years ago.
Back then, brothers Mukesh and Anil were at the centre of a bitter family feud, which eased following a separation of the business in 2005 brokered by their mother Kokilaben.
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