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Last Updated : Jul 16, 2020 10:34 PM IST | Source: Moneycontrol.com

RIL worth holding with target at Rs 2,600; buy on dips

Investors should try to add the stock on any healthy correction, as RIL is likely to outperform the index.

Moneycontrol Contributor

Gaurav Garg

Reliance Industries' 43rd Annual General Meeting (AGM) came up with some of the announcements that may change business dynamics as Reliance became the first Indian company with the market capitalisation of $150 billion.

RIL Chairman Mukesh Ambani emphasised on "Made in India", "Made-for-India" and "Made-for-the-World" products, which might boost investors trust as nation tilted over Made in India products.

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However, a set back for the conglomerate is the deal with Saudi Aramco, which has not progressed with the original timeline due to pandemic and some unfavourable events in the oil sector. But Ambani said he is committed to this partnership. Had the deal got announced it might have boosted street sentiments.

Some of the announcements which I really like are 'target to become net carbon-neutral by 2035' and another big announcement by the chairman is that Google will invest over Rs 33,000 crore in Jio Platforms.

Way ahead, Jio is ready with a world-class 5G solution and its field deployment might be carried in next year. Also, Ambani focused on Made-in-India 5G Solution.

Although, the market has discounted announcements but RIL is worth holding for mid to long term, with a target of Rs 2,600, implying 40.9 percent potential upside from current levels. Investors should try to add the stock in any healthy correction as RIL is likely to outperform the index and might lead the benchmark.


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The author is Head of Research at CapitalVia Global Research Limited- Investment Advisor.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd. 
First Published on Jul 16, 2020 02:22 pm
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