RIL shares at an attractive entry point, says CLSA
CLSA said Reliance Industries’ shares offer an “attractive entry point” at the current levels. Retaining its ‘Outperform’ rating with a price target of ₹1,650, implying a 30% upside. The firm said the start of new energy projects is a potential catalyst for the stock. RIL shares were up 1.2% at ₹1,266.9 on Thursday.
“Reliance Industries stock has cooled off from its all-time highs as a delay in the possible IPOs of Jio and/or Retail led to reduced excitement towards the stock. Slowing growth in the retail business has been another negative,” said CLSA’s analysts in a client note.
Reliance at Attractive Entry Point
The stock has fallen 21% from its 52-week high of ₹1,608.95 in July this year as against the 3% decline in the Nifty.
CLSA’s most optimistic projection for the stock price is ₹2,186, implying a 72% upside, driven by possible “value unlocking” for both Jio and Retail, along with the scale-up of the new energy business to the size of the oil and chemicals business.
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