Chairman Mukesh Ambani’s announcement of a delay in Saudi Aramco’s investment disappointed the Street, but brokerages expect lower finance costs and higher contribution from retail and telecom to boost earnings and give heft to the stock price.
BoFA Global Research increased FY22/23 earnings per share (EPS) estimate for RIL by 5 per cent and 2 per cent to factor in lower interest and slightly better ARPU at Jio, while increasing the target price by 5 per cent to Rs 2,040 and reiterating its ‘buy’ rating. However, not all brokerages are factoring in price growth. JPMorgan said the stock had rallied 127 per cent from the March lows against 47 per cent for the Nifty and that there is no near-term catalysts to drive the stock higher. Credit Suisse, too, continues to have a neutral rating on RIL.
To read the full story, Subscribe Now at just Rs 249 a month
Already a subscriber? Log in
Subscribe To BS Premium
₹249
Renews automatically
₹1699₹1999
Opt for auto renewal and save Rs. 300 Renews automatically
₹1999
What you get on BS Premium?
-
Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
-
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
Need More Information - write to us at assist@bsmail.in