Reliance Industries share price rose over 4 percent intraday on March 31 even as foreign research house Credit Suisse cuts the target price.
Credit Suisse has maintained neutral rating and cut target to Rs 1,150 from Rs 1,400 per share, reported CNBC-TV18.
It has also cut FY21/FY22 EPS by 11 percent/5 percent, while expecting the refining demand to be weak for the next two quarters.
Research house does not expect a material recovery in refining margins, while it build in lower margin for the retail segment too.
For Jio, the next round of price increase to be delayed to H2FY21, it added.
At 10:52 hrs Reliance Industries was quoting at Rs 1,069.20, up Rs 36.85, or 3.57 percent on the BSE.
The share touched its 52-week high Rs 1,617.80 and 52-week low Rs 875.70 on 20 December, 2019 and 23 March, 2020, respectively.
Currently, it is trading 34.02 percent below its 52-week high and 21.9 percent above its 52-week low.
(Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)