New Delhi [India], August 1 : Bernstein Research has given Reliance Industries Ltd an "outperform" rating and said it sees a potential upside of 19 per cent in the conglomerate's share prices.
A report put out by the research firm Tuesday pegged the target share price of the Mukesh Ambani-led firm at Rs 3,000 as against the current market price of little over Rs 2,500.
“Reliance is on the path of unlocking across business segments, evident from the recent IPO of Jio Financial Services (JFS), buyout of minorities/potential investors in Reliance Retail and the stabilizing of Telecom capex,” according to the report.
“We are OP (outperform) on Reliance, 19 per cent upside potential,” it said.
Value unlocking by Reliance across business segments, the report said, has repositioned the company to focus on four key growth pillars expansion of oil-to-chemicals business into downstream chemicals with investments by strategic partners; building Reliance Retail stores in thousands and scaling omnichannel; the telecom segment is expanding with 5G rollout; and the company continues to scale up in new energy by accelerating investments.
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