Mukesh Ambani's RIL has stock analysts most bullish in seven years

By Chiranjivi Chakraborty

Analysts are at their most bullish on billionaire Mukesh Ambani’s Reliance Industries Ltd. since January 2016 amid a dip in the share price of India’s largest company.

The stock is down 3% so far in 2023 compared with a gain of 1.5% in the S&P BSE Sensex Index, hurt in part by a decline in crude prices. Thirty-three of the 38 analysts that cover the conglomerate have buy ratings, with many citing attractive valuations as well as optimism for its various oil-related, consumer and telecom businesses.

The planned listing of the company’s Jio Financial Services Ltd. later this year “could drive value unlocking and is a potential key trigger for the stock,” said Hemang Khanna, an analyst at Nomura Financial Advisory & Securities India Pvt. He added that consumer and new-energy businesses will be key drivers of value creation for Reliance.