Reliance surges 11.6% as strong Q2 earnings add Rs 1.83 lakh crore in market value

What happened: Reliance surged 11.6% after strong Q2 earnings, the sharpest one-day gain since April 2020 and the third highest single-day gain in 10 years. Key numbers: Market value rose by ₹1.83 lakh crore to ₹17.57 lakh crore. Jefferies has a buy rating and price target of ₹1,710 for September 2028. Why it matters: Analysts turned more positive on the near-term outlook. Jefferies said the stock traded 2 SD below its long-term average EV/Ebitda, suggesting maximum pessimism, and expects earnings upgrades and a retail growth recovery to re-rate the stock.

Reliance surged 11.6% after strong Q2 earnings, the sharpest one-day gain since April 2020 and the third highest single-day gain in 10 years.

Analysts turned more positive on the near-term outlook. Jefferies said the stock traded 2 SD below its long-term average EV/Ebitda, suggesting maximum pessimism, and expects earnings upgrades and a retail growth recovery to re-rate the stock.