Brokerages maintain RIL stock rating, target price; turn attention to earnings after AGM
IIE Digital Desk : Brokerages have maintained their buy rating on Reliance Industries (RIL) stock and target price of Rs 2,900, after the company's annual general meeting (AGM) on August 28. They have turned their attention to the company's earnings, which are due to be released on September 9.
JM Financial has maintained its buy rating on RIL stock with a target price of Rs 2,900. The brokerage said that the company's management has provided a "positive outlook" for the future. It expects RIL's earnings to grow at a CAGR of 18% over the next three years.
Motilal Oswal Financial Services has also maintained its buy rating on RIL stock with a target price of Rs 2,900. The brokerage said that the company's AGM was "positive" and that the management has outlined a "robust growth strategy". Both brokerages have said that RIL's earnings will be driven by its strong refining and petrochemicals businesses. They have also said that the company's retail business is expected to grow at a healthy pace.
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