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Reliance rises as JPMorgan bumps up rating and target

The share touched a 52-week high of Rs 2,855 and a 52-week low of Rs 2,016.60 on 29 April 2022 and 28 July 2021 respectively.

June 16, 2022 / 09:48 AM IST
Reliance Industries

Reliance Industries

 
 
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Reliance Industries share price rose more than 2 percent in early trade on June 16 after research house JPMorgan India upgraded rating and raised the target for the stock.

The brokerage upgraded its rating on Reliance to overweight from neutral and raised the target to Rs 3,170 from Rs 2,575 per share implying an upside of more than 22 percent over the next 12 months.

It said that its rating upgrade is driven by improvement in earnings outlook of the refining and upstream gas business as well as the consumer technology businesses’ valuations holding.

JPMorgan believes the firm's outperformance to Nifty50 will continue in 2022 given that there is a good chance of upgrades to Street’s earnings expectations for the company.

Reliance is among the top gainers on BSE Sensex and Nifty50.

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The brokerage has raised its earnings per share estimate by 19 percent for 2022-23 and 17 percent for 2023-24.

“Our earnings estimates imply a sharp pullback in diesel and gasoline cracks from current record level, but Reliance remains among the best positioned refiners globally, given the ability to buy and process arbitrage barrels, diesel heavy slate and, export focus,” JPMorgan India said in a note on June 16.

At 09:38 hrs Reliance was quoting at Rs 2,644.25, up Rs 47.95 or 1.85 percent on the BSE.

The share touched a 52-week high of Rs 2,855 and a 52-week low of Rs 2,016.60 on 29 April 2022 and 28 July 2021 respectively.

Currently, it is trading 7.38 percent below its 52-week high and 31.12 percent above its 52-week low.

Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Moneycontrol News
first published: Jun 16, 2022 09:48 am
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