Reliance Industries Shares Jump Up to 12% Following Record Q2 Results

Reliance Industries Ltd shares surged up to 12% in trading on Monday following record earnings in the second quarter, marking the stock’s sharpest single-day rally since January 2024. The massive surge added between ₹86,400 crore and ₹2 lakh crore to the company’s market capitalization, placing it as the top gainer on the Nifty 50 index.

The strong momentum in the RIL share price saw the stock open at ₹1,228.10 on the National Stock Exchange (NSE), up from its previous Friday close of ₹1,164.90. It touched an intraday high of ₹1,237.30 during the session. BSE data showed an intraday gain of 7.2% at its peak, representing the company’s sharpest single-day rise since January 29, 2024, when the stock logged identical gains.

Jio and O2C Performance Drive Record Results

The quarterly earnings beat was anchored by steady expansion in digital services and a firm recovery in oil-to-chemicals (O2C) operations. Jio Platforms reported an 11.3% year-on-year increase in revenue to ₹47,485 crore for the second quarter, underscoring its growing contribution to the parent conglomerate’s overall top line.

Strong operational performance in the O2C division helped balance short-term pressure in the retail arm. Regulatory filings show Reliance Industries recently infused ₹4,330 crore into flagship subsidiary Reliance Retail to expand store infrastructure and logistics capabilities across the country.

Brokerages See Up to 58% Further Upside

Following the Q2 results, major international and domestic brokerages issued updated targets for the stock. Goldman Sachs maintained a Buy rating and set the highest price target among global investment banks, projecting a potential 58% upside from current levels.

Nomura also retained its Buy rating, citing strength in O2C earnings alongside predictable subscriber growth at Jio Platforms. Domestic brokerage Nuvama reaffirmed its Buy recommendation, keeping a target price that offers a 46% return over the baseline share price of ₹1,164. Technical charts showed the stock breaking past key resistance barriers, with market analysts forecasting at least a 33% upward trajectory over the coming quarters.

Historical Data Points to Long-Term Gains

Historical trading patterns indicate that single-day rallies of this scale frequently precede extended multi-month gains for the company. An analysis of 26 years of stock data by SAMCO Securities shows that whenever the RIL share price surges over 5% in a single trading session, it delivers an average return of 55.3% over the next 12 months.

The surge comes after earlier positive quarterly momentum, including an April 28 session where the stock rose nearly 4% in early trade on the back of strong Q4 earnings to top the Nifty gainers list.

Acquisitions and Capital Moves Expand Footprint

Alongside internal operational growth, Reliance Industries has executed targeted manufacturing acquisitions. The company recently agreed to acquire polyester chips and yarn manufacturer Shubhalakshmi Polyesters Ltd for ₹1,592 crore, sending its shares up 1% on the morning of the announcement.

Trading volume across both the BSE and NSE rose significantly during Monday’s session as institutional buying accelerated following the earnings release. Attention now turns to the company’s upcoming capital expenditure plans for its new energy and retail divisions heading into the third quarter.