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A man walks past a Reliance Industries Limited sign board installed on a road divider in the western Indian city of Gandhinagar January 17, 2014.Reuters file

Reliance Jio Infocomm-led momentum lifted Reliance Industries Limited (RIL) shares to a seven-year-high of Rs. 1,128.90 on Monday, sustaining the winning spree that has added almost Rs. 28,000 crore to the company's market capitalisation in the last three weeks.

However, the RIL stock receded from its intraday high and closed at Rs. 1,109.35, up 0.58 percent.

The share price of the Mukesh Ambani-controlled company can go up to as high as Rs. 1,365 from its current level in about 12 months, according a report in the Economic Times.

"RIL's $21 billion investment in Jio over the last six years has hobbled the stock performance. But considering a 30 per cent CAGR in core earnings (ex-Jio) and $20 billion in estimated cash flow over FY 2017-FY19, there is more upside in the stock," Rohit Ahuja, analyst, Religare Institutional Research, told ET Now about a week ago, according to the daily.

Stocks that hit a new-52-week-high on Monday included Bharat Petroleum Corporation Ltd. (BPCL), Raymond, Century Textiles, SRF, Edelweiss Finance, Whirpool India and Castrol India.

BPCL shares closed at Rs. 621 apiece, up 3.21 percent, while Raymond ended with a gain of 4.37 percent at Rs. 558.95.

Foreign institutional investors (FIIs) were net sellers of Indian equities worth Rs. 206 crore on Monday, according to data available with the National Stock Exchange.