Goldman upgrades RIL to buy

184377 Investors following Reliance. Share this News with them.

0

Like this story, share it with millions of investors on M3

Goldman upgrades RIL to buy

Goldman Sachs has upgraded Reliance Industries (RIL) to buy from neutral, citing a potential lift in margins on increased refining and recovering oil demand, sending the refiner's shares up in pre-open trade on Tuesday.

Post your opinion here

 

0

Tweet

Share on Tumblr

ALSO READ See latest News about Reliance See previous management interviews See what other Experts & Brokerages are saying about Reliance

Goldman Sachs has upgraded Reliance Industries (RIL) to buy from neutral, citing a potential lift in margins on increased refining and recovering oil demand, sending the refiner's shares up in pre-open trade on Tuesday.

"We believe that an upcycle in refining will lift margins and is likely to drive an earnings surprise for RIL over the medium term, by offsetting lackluster E&P performance," the bank said in a report dated on Monday.

Goldman raised its target prices for the oil and gas major to Rs 970 from Rs 960 previously.

Reliance, controlled by Mukesh Ambani, India's richest man, opened a share buyback on February 1 as it looks to prop up its underperforming shares by spending up to USD 2.1 billion to buy back shares at a maximum price of Rs 870 each.