Reliance shares slip below Rs 1,300 on weak weekly trend

Reliance Industries shares traded volatile on Monday, briefly slipping below Rs 1,300 on the BSE after the stock opened at Rs 1,312.95. The stock touched an intraday low of Rs 1,299 and a high of Rs 1,318.90, before recovering to trade 0.81% up at Rs 1,318.60 around 1:35 PM. Livemint reports the stock fell nearly 2% last week and is down over 16% year-to-date, compared to a nearly 9% decline in the benchmark Sensex.

The moves come after Reliance announced a deal with Rolls-Royce to develop an indigenous engine for the Advanced Medium Combat Aircraft programme. The two firms will explore setting up an Aerospace Gas Turbine Complex in India. Separately, Reliance Infra shares fell 1.99% intraday, extending a 9.57% weekly decline, according to NDTV Profit. The stock has dropped 40% in six months and over 75% in 12 months.

Livemint reports that Reliance Industries reported a 25.41% year-on-year jump in Q1 revenue to Rs 3,11,850 crore, though net profit fell 22.40% due to an exceptional gain last year. Most analysts maintained positive views, citing growth in Jio, retail, and new energy. Some experts advise monitoring oil-to-chemical margins and Jio monetisation. The stock has a 52-week low of Rs 1,250.55 and a high of Rs 1,611.20.