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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

Mukesh Ambani
Mukesh Ambani

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) ...