Reliance Industries Stock Update: Shares of RELIANCE Up on Meta AI Deal, Analyst Upgrades

Shares of Reliance Industries Limited (RELIANCE) are currently trading with positive bias this Friday morning, building on recent positive news flow. The stock is quoted at INR 1,270.40, marking a +0.59 per cent increase from its previous close of INR 1,263.00. Opening at INR 1,277.00, RELIANCE touched an intraday high of INR 1,281.40 before retreating slightly to an intraday low of INR 1,269.20. The counter has seen active trading with a volume of 1,105,250 shares changing hands in early session, indicating investor interest.

While specific 52-week high and low figures are not readily available, Reliance Industries has, until recently, seen a period of underperformance. The stock corrected almost 20 per cent year-to-date in 2026, significantly lagging the Nifty 50, which declined by 11 per cent over the same period. This underperformance, however, has led some analysts to view the stock as trading at attractive valuations, with its forward P/E compressing to around 19x (versus an average of ~21x) and EV/EBITDA nearing multi-year trough levels of approximately 9.6x. This suggests that the current move is occurring at levels deemed favourable for a potential re-rating.

The primary catalyst driving Reliance's current positive sentiment stems from a significant announcement earlier this week. On June 10th and 11th, news emerged that Reliance Industries will partner with Meta Platforms to build India's first AI-driven data centre in Jamnagar, Gujarat. Reliance will hold a 70% stake in the new AI joint venture, with Meta holding 30%, a development seen as a crucial new revenue stream and a substantial boost for Reliance's digital infrastructure and AI ambitions. This partnership underscores India's growing importance in the global AI infrastructure landscape.

Further bolstering the positive outlook are recent upgrades from leading brokerages. On June 11th, Equirus Securities upgraded Reliance Industries to a 'LONG' rating from 'ADD', setting a September 2027 target price of INR 1,586, implying a potential 26% upside. The brokerage highlighted improving profitability in the Oil-to-Chemicals (O2C) segment, potential value unlocking in Jio, sustained growth in its Retail arm, and the anticipated contribution from new energy projects as key re-rating catalysts. Similarly, Morgan Stanley has maintained an 'overweight' rating with a target price of INR 1,803, noting that Reliance has entered its fifth monetisation cycle, with AI infrastructure and new energy businesses poised to become significant growth drivers. In another recent development, Reliance group secured a bid to redevelop a 101.4-acre slum in western Mumbai on June 11th, marking its entry into this urban development sector.

Investors will be closely watching for sustained buying interest and further clarity on the operational aspects and financial projections of the Meta AI data centre venture. Continued analyst coverage and any incremental updates on the company's various growth engines, particularly Jio and New Energy, will dictate the stock's trajectory for the remainder of the session.

Disclaimer: The information provided in this article is based on news reports and is not intended as investment advice. Investing in stocks involves risk. LatestLY advises its readers to consult with a financial advisor before making any investment decisions.

(The above story first appeared on LatestLY on Jun 12, 2026 09:39 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).