Reliance Industries Stock Price:
Shares of Mukesh Ambani’s Reliance Industries (RIL) have gained strength today after the 45th Annual General Meeting (AGM). Today, the share of RIL reached a price of Rs 2629 with a gain of 1 percent. On Monday it closed at Rs 2598. After the announcements of AGM, brokerage houses are looking positive about the stock. Different brokerages have advised to invest in it and the price is estimated to cross Rs 3000. The brokerage house says that the announcement of entry in FMCG business, 5G on telecom and capex on petrochemicals are positive for the company.
What brokerage house said
Brokerage house Motilal Oswal has given investment advice on RIL and has given a target price of Rs 2880. The brokerage house says that the company’s revenue / EBITDA is expected to grow at 13% / 15% CAGR in FY22-24. In the next 2 to 3 years, retail, telecom and new energy will prove to be the engines of further growth.
Global brokerage house is also positive
Brokerage house JP Morgan has given an overweight rating on RIL and has set a target of Rs 3065. The brokerage says that the AGM has indicated that the focus is now on earnings. The company is shifting focus to new energy and 5G.
Brokerage house Citi has also given share investment advice and has set a target of Rs 2810. The brokerage house says that the overall capex of the company is high. The company is focusing on earning. The company is working with Google on making affordable 5G mobile phones. 5G will be beneficial in the telecom business.
Brokerage house CLSA has given buy advice in the stock and has set a target price of Rs 3180. Brokerage House says that 5G services will start in the next 2 months. There is a plan of $900 million capex for petrochemicals. On the other hand, Reliance Real is preparing to launch its FMCG business.
Brokerage house Jefferies has also expressed confidence in the stock and has given a target of Rs 2980 giving investment advice. The brokerage house says that the succession plan is as per the blueprint. The company has also told the plan of entry in FMCG business. The company will benefit from focusing on new energy business.