CLSA upgrades RIL to buy; sees stock at Rs 2,955 in a year's time

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

Global research and broking firm CLSA has upgraded the stock of Mukesh Ambani-controlled Reliance Industries (RIL) to ‘buy’ from ‘outperform’, and expects the counter to hit Rs 2,955 in a year’s time – up 23 per cent from the current levels and around 3.7 per cent from its previous target of Rs 2,850.

"We believe RIL is at a good entry point to play its long-term promise across multiple big India themes as well as top-quintile near-term earnings growth among Nifty. Clear progress in Jio and retail as well as a doubling of the valuation of listed and unlisted comps