 "JP Morgan upgrades RIL to 'overweight'")
JP Morgan upgraded Reliance Industries to "overweight" from "neutral" and raised its target price to Rs 1,000 from Rs 800, citing attractive long-term valuations.
"We remain positive on RIL's core business expansion strategy, and we expect resultant organic earnings growth to drive stock performance," says JP Morgan in a report on Tuesday.
The investment bank adds that company's September-quarter earnings came in line with consensus estimates, but with better petrochemical, refining performance and lower other income.
Reliance, which operates the world's biggest oil refining complex in western India, met analysts estimates with a 1.5% rise in net profit to Rs 5,490 crore in the three months to September 30.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app