Jan 17 Reuters Shares of Reliance Industries rose nearly 5 on Friday and were set for their best week in six months, as the company beat quarterly profit estimates on a boost from its retail business, which had dragged the stock39;s performance in 2024.

Reliance, India39;s most valuable company and the secondtop heavyweight stock on the benchmark Nifty 50 index, was last up 2.2 and has gained 3.4 this week.

The Nifty fell 0.9 on the day and is down 1.4 for the week.

Reliance is back on a growth path after six months of challenges, Morgan Stanley said in a note, adding that the risk of earnings downgrades would unwind.

Late on Thursday, the Mukesh Ambaniled conglomerate reported a biggerthanexpected thirdquarter profit as festive demand boosted the retail segment, while tariff hikes and 5G consumption drove the telecom business.

At least six brokerages raised their ratings on the buyrated stock after results, while four raised price targets, as per data compiled by LSEG.

Betterthanexpected performance at Reliance39;s retail unit is likely to support the stock in the nearterm, analysts at J.P.Morgan said, adding that the stock could reverse its recent decline.

Reliance shares fell about 6 in 2024, their first annual drop in a decade on worries over falling refining margins and growth worries in the retail segment.

We are enthused by the strong performance in the third quarter, especially in retail, where softness in this segment has been a key drag on stock…