Shares of Reliance Industries (RIL) are higher by over 1.5 percent on March 6, supporting the benchmark indices as well, after international brokerage Jefferies as well as Kotak Institutional Equities issued bullish notes on the company.
Jefferies reiterated its 'Buy' call on RIL with a target price of Rs 1,600 per share, while Kotak Institutional upgraded the stock to 'Buy', stating that the risk-reward appear favourable now.
The shares of the company were trading at Rs 1,194 on BSE, as seen at 10.50 am.
Jefferies kept a target price of Rs 1,600 for the stock, citing future growth in the retail business and a potential tariff hike in the telecom unit. The target price implies an upside potential of nearly 34 percent from the current market price. The note said the pessimism around the stock seems of be overblown and expects RIL's retail growth to recover to 15 percent in the upcoming financial year (FY26).
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Kotak Institutional Equities said the recent decline in the share price has made valuations attractive, upgrading it to 'Buy' from the earlier 'Add' rating with a target price of Rs 1,400. This implies an upside potential of nearly 17 percent from the current market price. The Kotak note added that any news flow around the potential IPO of Reliance Jio and a potential tariff hike in the telecom business could act as catalyst.
The index heavyweight was the top contributor on Sensex on March 6.
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