Reliance Industries becomes top stock in MTF book after 60 per cent jump
The company overtook HDFC Bank for the highest exposure in the Margin Trading Facility book following a single-day rally.
Reliance Industries shares remained in focus on Wednesday after the stock emerged with the highest exposure in the Margin Trading Facility (MTF) book, according to data from the National Stock Exchange (NSE) released on November 2. The company's MTF exposure jumped 60 per cent to ₹4,711 crore from ₹2,937 crore recorded at the end of October 30, as reported by Mint.
The surge allowed Reliance Industries to overtake HDFC Bank for the top position in the MTF book. Following a rally on Monday, November 2, the stock accounted for 24 per cent of the total exposure among the top 10 stocks in the ₹1.45 lakh crore MTF book.
The company reported a consolidated profit after tax of ₹29,550 crore in Q2 FY27, a 33.8 per cent year-on-year growth from ₹22,092 crore in the same quarter last year. Consolidated revenue climbed 27.8 per cent year-on-year to ₹3,62,268 crore, while EBITDA rose 23.9 per cent to a record ₹62,409 crore.
Apurva Sheth, Head of Market Perspectives and Research at SAMCO Securities, said the stock has broken above a downward sloping trendline, suggesting selling pressure may be giving way to fresh buying interest. Gaurav Garg, Head of Research at Lemonn, recommended that investors hold existing positions and consider fresh buying only after a breakout above ₹1,250–₹1,252.
Brokerage firm Motilal Oswal maintained a ‘buy’ rating on the stock with a revised target price of ₹1,520. The firm stated that the energy segment drives a near-term earnings upgrade.