Heavyweight Reliance Industries touched a record high and helped Indian shares rise on Thursday, with risk appetite being upbeat in the near term as investors bought stocks across the board amid concerns about sky-high inflation.
Reliance rose for a third session and was among the top three gainers on the Nifty 50 index, up as much as 2.15%.
Morgan Stanley raised its target price on the conglomerate's stock to 3,253 rupees from 2,926 rupees and said it expects up to a 10% boost to the company's net asset value in anticipation of quicker hydrogen monetization. Billionaire Mukesh Ambani-led Reliance has in the past year unveiled plans to reduce dependence on its mainstay oil-to-chemicals business and invested in clean energy projects.
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