Reliance Industries’ stock prices are traded in red on June 22 in the midst of weak market conditions. Stocks remain calm after returning only 13 percent in the past year.
At 9:44 in the morning, shares were traded in 2,539.05 hospitals, down RS 45.05, or 1.74 percent. It touched the high intraday RS 2,558.30 and low intraday RS 2,537.80.
Global research and intermediary company Jefferies has maintained a rating of buying on shares with a target of 2,950 RS, up 16 percent of the current market price. Research companies believe that the correction in stock offers the opportunity to add that there is an attraction to improve margin in CY22.
According to Jefferies, a multi-year-old inventory, a decline in Russian exports, supplied Chinese exports, lower diesel production in Europe and delays in Commissioning Me Refineries are Tailwinds to perfect margin in CY22.
Reliance Industries is the main beneficiary of energy inflation, with every $ 1 per increase in the annual purification margin, adding around $ 400-450 million to the EBITDA Consolidation of the real. Our initial estimation showed that the Oli-to-Kimia Ril Ebitda business could increase 60 percent in the quarter in Q1 this year and contributed 35 percent of our FY23 estimates. Sustainable strength in purification must result in an increase in the FY23 consensus revenue, “he said.
Stocks have corrected 10 percent of the new peak. “We repeat the purchase with 2,950 hospitals as a target price,” he added.
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JP Morgan previously increased its ranking in Reliance to being overweight from neutral and raised the target to 3,170 hospitals from 2,575 hospitals per share, implying an increase of more than 24 percent over the next 12 months. It is said that the increase in ranking was driven by an increase in the prospect of income from the Purification and Upstream Gas Business and the assessment of the consumer technology business.
JP Morgan believes the company’s performance of NIFTY50 will continue in 2022 given that there is a good opportunity to increase the expectations of street income for the company. This broker has increased the estimated income per share by 19 percent for 2022-23 and 17 percent for 2023-24.
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