RIL gains on bullish brokerage calls

Reliance Industries (RIL) rose 1.29% to Rs 1190.90 after a foreign broker reaffirmed its "buy" rating on the stock, setting a target price of Rs 1,600.

The foreign broker cited a potential recovery in RILs retail business and an anticipated tariff hike in its telecom unit as key growth drivers.

Adding to the momentum, a domestic brokerage upgraded RIL to "buy" with a revised target of Rs 1,400, citing an improved risk-reward outlook following the recent stock correction. It expects retail business growth in the coming quarters, while updates on telecom, IPO timelines, and tariff hikes could serve as further catalysts.

RIL is the largest private sector corporation in India. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewables (solar and hydrogen), retail and digital services.

RIL had reported a 12% year-on-year increase in consolidated net profit to a record high of Rs 21,930 crore in the quarter ended December 31, 2024. RIL's Q3 revenue grew 7.7% to Rs 267,186 crore, while EBITDA climbed 7.8% to Rs 48,003 crore.

Powered by Capital Market - Live News