Reliance Industries shares could prolong stellar rally; bullish analysts, check the target price


Reliance Industries share price is up 7% since the start of the month. (Photo: REUTERS)

Mukesh Ambani’s Reliance Industries could extend its current rally and rise 14% from today’s opening price, analysts said. The stock price has already jumped 7% so far this month, adding to its strong bullish momentum that started in July of this year. Analysts are still optimistic about the outlook for the RIL share price, expecting the share to exceed Rs 2,700 per share. Fundamental levers such as unlocking value in retail and digital commerce, with a possible IPO ahead, are seen as key drivers of the Reliance Industries share price. Currently, the RIL share price shows a price of Rs 2,420 each.

Sharekhan – Buy
Price target – Rs 2,700 per share

Sharekhan analysts expect continued recovery in profits from RIL, driven by a cyclical recovery in oil and chemical margins, a gradual increase in telecom prices, strong growth in retail and a surge in new sources income such as broadband and new commerce. “A potential deal in O2C business and further value creation in digital and retail businesses (with an IPO likely for consumer companies in the next few years) are key catalysts for the stock and would increase prices. shareholder returns in the years to come, ”they said. added.

Mukesh Ambani’s investment in new energies is seen as a step towards clean energy with the potential to create long-term value. “We believe RIL would collaborate with world leaders in clean energy for technology and build large projects for economies of scale,” analysts said. In addition, the government could come up with supporting policies such as the PLI scheme for the electrolyser and this would reduce the overall cost of investment and create long term value for RIL.

ICICI Direct – Hold
Price target – Rs 2,480 per share

ICICI Direct launched Reliance Industries coverage with a maintenance rating while expecting the consumer sector to be the engine of growth going forward. The company has a strong balance sheet after fundraising, while its traditional business will continue to generate stable cash flow. We are initiating action coverage with a retention recommendation, ”said ICICI Direct.

Reliance Industries’ investments in various small businesses and startups over the years are also viewed as positive by analysts at ICICI Direct. “The company has invested more than approximately US $ 1.9 billion over the past five years. We believe these investments provide option value in the overall opportunity and complement the goals of creating a digital ecosystem, ”they added.

Bonanza wallet – Buy
Price target – Rs 2,750 per share

On a technical level, Vishal Wagh, head of research at Bonanza Portfolio, expects RIL’s share price to climb to Rs 2,750 per share, becoming the next player in the market. “Reliance gave a breakthrough around Rs 2,340 above the triangular post as it hit a record high of Rs 2,480. It is currently consolidating between the range of Rs 2,380 to Rs 2,455.”, A- he added.

Vishal Wagh said RIL’s stock is creating a sounding flag formation. If Reliance maintains levels above “Rs 2,400 for the next three to four sessions, it will cut a higher range of the flag and the next target will be the poll height which is around 250 points. This technical training brings us to the target of Rs 2700+ “, he added. Investors were urged to keep the stop loss below the levels of Rs 2340.

(The stock recommendations in this story are by the respective research and brokerage firms. The Bharat Express News Online assumes no responsibility for their investment advice. Please consult your investment advisor before investing.)

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