Shares of Reliance Industrial Infrastructure (RIIL) surged almost 9% in morning trade on Wednesday, 7 October, defying weak stock market sentiment. According to reports from Mint, the stock opened at ₹682 against its previous close of ₹680.55 and jumped as much as 8.7% to an intraday high of ₹740, looking set to extend gains for the second consecutive session. However, the stock is down 13% year-to-date, largely in sync with a 14% decline in the equity benchmark Sensex during the same period.
The stock surge was accompanied by significantly higher trading volumes, with reports indicating trading volume more than 5 times higher than normal levels. As reported by Mint, RIIL hit a 52-week high of ₹963.65 on 8 October last year and a 52-week low of ₹620.50 on 30 March this year. On a monthly scale, the stock is up 6% so far in October after a 10% decline in September.
According to Mint reports, on 15 July, RIIL reported its total income declined 18.4% year-on-year (YoY) to ₹14.92 crore in Q1FY27 from ₹18.28 crore for the same period, following the completion of certain fixed-term contracts. Net profit for the quarter declined 8.4% YoY to ₹2.84 crore from ₹3.10 crore in the same quarter last year.
According to Aditya Thukral, founder and analyst at AT Research and Risk Managers, as reported by Mint, Reliance Industrial Infrastructure has been in a corrective mode since the formation of multi-year highs in January 2024. Thukral expects the correction to continue, with prices expected to approach fresh 52-week lows in the months to come. He noted that all rallies will continue to get sold off until another leg of correction is completed on the downside, with the stock trading below all major EMAs and approaching a resistance zone that could serve as an exit opportunity for longs.
