Brokerages bullish on RIL stock after Jio hikes tariff by 21%

Brokerages have given a thumbs-up to the 21 per cent across-the-board tariff hike done by Reliance Jio (RJio) in its prepaid plans with Jefferies raising the 12-month price target to Rs 2,950 from Rs 2,880 earlier. In the best-case scenario, the global research and brokerage house sees the RIL stock at Rs 3,400 levels post the tariff hike in 12 months from now.

Reliance Jio, following its peers Bharti Airtel and Vodafone Idea (Vi), hiked its prepaid tariff plans by around 20 per cent across the board (including around 21 per cent in base JioPhone level plans) over the weekend.