Brokerages approve RIL's growth plan, expect 30% gain in stock

The key trigger for the stock is RIL's aim to be debt-free by March 2021

After the announcements were made at Reliance Industries’ 42nd annual general meeting (AGM) on Monday, the stock surged over 12 per cent on Tuesday — registering its highest single-day rally in 10 years. Many brokerages still see a 15-30 per cent upside in the stock from the current market price of Rs 1,275 apiece. On Monday, markets were shut on the occasion of Eid.

Announcements related to the non-binding agreement with Saudi Aramco for a 20 per cent stake sale in RIL’s refining and petchem business and plans to monetise its consumer business (Jio and retail) turned brokerages positive on the