Brokerage firm Nuvama has increased its price target on Nifty 50 heavyweight Reliance Industries Ltd. by 8% to ₹3,786, which makes it the highest price target on the street for the Mukesh Ambani-owned company.
Out of the 35 analysts that now have coverage on Reliance Industries, 28 of them have maintained a "buy" rating on the stock, while five of them have a "hold" rating. Two of them have a sell recommendation.
Reliance Industries reported June quarter results after market hours on Friday where revenue grew by 11% year-on-year with steady ARPU from Jio, stable performance from the retail and the oil and gas business.
Nuvama wrote in its note that their analysis implies a healthy progress in Reliance's New Energy business with multiple triggers falling into place together, including pilots for solar starting at Jamnagar, winning PLIs, granting of 1,800 acres at Deen Dayal port for Green Hydrogen / ammonia production and 74,750 hectares in Kutch.
The brokerage said that the New Energy rollout will unleash the next leg of growth besides the company's conventional business.
Although Nomura has trimmed its financial year 2025 / 2026 Earnings Before Interest, Tax, Depreciation and Amortisation estimates by 3% and 2%, it said that the outlook across segments remains optimistic.
The upcoming AGM and commencement of new energy operations will be key events for Reliance Industries in the coming months, Nomura wrote in its note.
Jefferies retained its "buy" rating on the stock with a price target of ₹3,580, expecting Jio to see strong growth on the back of tariff hikes. However, it said that the outlook on profitability for the O2C business remains subdued in calendar year 2024.
While energy and telecom business may see a rebound in the coming quarters, Reliance's piviot in retail to focus on margins amid tepid discretionary demand did not stand out, Morgan Stanley wrote about the stock post its results.
Morgan Stanley is overweight on Reliance Industries with a price target of ₹3,540.
Reliance Industries shares ended lower on Friday and Nuvama's price target on the stock, which is the highest on the street, implies a potential upside of 21% from Friday's closing level.
Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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Out of the 35 analysts that now have coverage on Reliance Industries, 28 of them have maintained a "buy" rating on the stock, while five of them have a "hold" rating. Two of them have a sell recommendation.
Reliance Industries reported June quarter results after market hours on Friday where revenue grew by 11% year-on-year with steady ARPU from Jio, stable performance from the retail and the oil and gas business.
Nuvama wrote in its note that their analysis implies a healthy progress in Reliance's New Energy business with multiple triggers falling into place together, including pilots for solar starting at Jamnagar, winning PLIs, granting of 1,800 acres at Deen Dayal port for Green Hydrogen / ammonia production and 74,750 hectares in Kutch.
The brokerage said that the New Energy rollout will unleash the next leg of growth besides the company's conventional business.
Nomura has also maintained its "buy" rating on Reliance Industries with a price target of ₹3,600 from ₹3,450 earlier. It also reiterated that Reliance Industries is its top pick within the sector.
Although Nomura has trimmed its financial year 2025 / 2026 Earnings Before Interest, Tax, Depreciation and Amortisation estimates by 3% and 2%, it said that the outlook across segments remains optimistic.
The upcoming AGM and commencement of new energy operations will be key events for Reliance Industries in the coming months, Nomura wrote in its note.
Jefferies retained its "buy" rating on the stock with a price target of ₹3,580, expecting Jio to see strong growth on the back of tariff hikes. However, it said that the outlook on profitability for the O2C business remains subdued in calendar year 2024.
While energy and telecom business may see a rebound in the coming quarters, Reliance's piviot in retail to focus on margins amid tepid discretionary demand did not stand out, Morgan Stanley wrote about the stock post its results.
Morgan Stanley is overweight on Reliance Industries with a price target of ₹3,540.
Reliance Industries shares ended lower on Friday and Nuvama's price target on the stock, which is the highest on the street, implies a potential upside of 21% from Friday's closing level.
Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Note To Readers
Disclosure: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust that controls Network18, the parent company of CNBCTV18.com.
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