2 weeks Ago
Mumbai : Brokerage CLSA said Reliance Industries ’ shares offer an “attractive entry point” at the current levels. Retaining its ‘Outperform’ rating with a price target of ₹1,650, implying a 30% upside. The firm said the start of new energy projects is a potential catalyst for the stock.
RIL shares were up 1.2% at ₹1,266.9 on Thursday.
“Reliance Industries stock has cooled off from its all-time highs as a delay in the possible IPOs of Jio and/or Retail led to reduced excitement towards the stock. Slowing growth in the retail business has been another negative,” said CLSA’s analysts in a client note. ET Bureau Reliance at Attractive Entry Point The stock has fallen 21% from its 52-week high of ₹1,608.
95 in July this year as against the 3% decline in the Nifty. CLSA’s most optimistic projection for the stock price is ₹2,186, implying a 72% upside, driven by possible “value unlocking” for both Jio and Retail, along with the scale-up of the new energy business to the size of the oil and chemicals business. Stock Trading Market 101: An Insight into Trendlines and Momentum By - Rohit Srivastava, Founder- Indiacharts.
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Reliance’s fully in tegrated 20GW (gigawatt ) solar gigafactory is set for launch in three to four months. “We derive a solar business value of $30bn (billion), based on a discount to recently listed peers, yet Reliance stock is trading within 5% of our rainy-day valuation (assigning zero value to the new energy business),” said the analysts. “Accounting for about 90% of global manufacturing, China dominates the world’s supply chain, but significant tariff restrictions on imports of Chinese PV products have opened the lucrative US market for non-China exporters like India.
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