RIL share price fell 2.25 per cent to Rs 2,370.85 apiece on BSE intraday after the company delayed the launch of its JioPhone Next launch, which was scheduled to take place on Ganesh Chaturthi, 10 September 2021. The phone which was developed in partnership with Google, has been delayed due to the ongoing semiconductor shortage globally. So far in the day, Reliance Industries Ltd stock has hit a day’s high of Rs 2,430 apiece. Analysts say that post a strong rally in RIL stock, there is a small profit booking. “The major support levels are Rs 2350-2360,” Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, told Financial Express Online.
Wagh advised investors to accumulate the RIL stock near the support levels with stop loss below Rs 2290 for a target of Rs 2480. In the past one month, RIL stock price has risen nearly 11 per cent, as compared to a 5 per cent gain in the S&P BSE Sensex. In the last six months, BSE Sensex has surged over 15 per cent and RIL stock has gained 12.6 per cent.
In traded volume terms, 1.78 lakh shares have exchanged hands on BSE, while a total of 55.92 lakh units traded on NSE, so far in the day. Analysts at Morgan Stanley were overweight on RIL stock. Analysts said that RIL’s acquisition of a stake in Strand Life Sciences, a genomics-based research and diagnostics company, added another stack to RIL’s digital health ecosystem plans.
A delay in the launch of Jio smartphones to November and a much-needed technical correction has dragged Reliance Industries stock price lower today. Jio and Google announced that they have made considerable progress towards launching the much-awaited JioPhone Next, the made-for-India smartphone being jointly designed by the companies. “Technically, Rs 2388 is strong support and a close today below this level could drag it further down to Rs 2302.” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told Financial Express Online.
Both companies have begun testing the JioPhone Next with a limited set of users for further refinement and are actively working to make it available more widely in time for the Diwali festive season. “This additional time will also help mitigate the current industry-wide, global semiconductor shortages,” the company said in a BSE filing.
In a separate filing, last week Reliance Jio and UK’s British Petroleum (bp) announced a partnership with EV ride-hailing platform BluSmart to set up a network of commercial large-scale EV charging stations. As part of the partnership, Jio-bp will set up these stations for passenger electric vehicles and fleets across the country.
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