RIL shares up over 2%, near 6-month high on new Jio 5G phone launch buzz

Shares of Reliance Industries (RIL) surged over 2% to a near six-month high on news of a potential Jio 5G phone launch. Despite this positive development, Jio’s bundled handsets, JioPhone Next, have reportedly seen limited sales despite heavy discounting. Meanwhile, Reliance Industries and bp Plc announced the start of production from the MJ oil and gas field, which will increase India’s natural gas output. Outlook remains positive, with Jefferies giving a ‘Buy’ tag to RIL and a price target of Rs 3,125, anticipating faster revenue growth and limited downside.