Investor pushback sees JP Morgan defend Reliance Industries upgrade

On June 16, the firm had set a target price of Rs 3,170 per share, saying RIL was amongst the few large companies in India with a positive earnings revision cycle

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Most analysts expect RIL to spell out its future plans for the retail and telecom businesses, including whether it will list the two companies and by when it would do so.

Viveat Susan Pinto Mumbai

4 min read Last Updated : Jun 21 2022 | 02:02 AM IST

Brokerage JP Morgan on Monday explained its bullish stance on Reliance Industries (RIL) after an investor ‘pushback’. In a rare note, the brokerage house listed concerns of investors and offered detailed reasons for its decision to upgrade the RIL stock from ‘neutral’ to ‘overweight’.

On June 16, the firm had set a target price of Rs 3,170 per share, saying RIL was amongst the few large companies in India with a positive earnings revision cycle, given the strong refining and gas environment that prevailed globally.

“RIL remains among the best-positioned refiners globally, given its ability to buy and process arbitrage barrels, a diesel-heavy slate, and an export focus,” said JP Morgan.