Is RIL a Buy Before its Thursday AGM? Brokers Say Yes

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Is RIL a Buy Before its Thursday AGM? Brokers Say Yes
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- Reliance Industries Ltd (NS: RELI ) shares have moved up a little over 12% in the last month to close at Rs 2,225.75 on June 21. The company’s Annual General Meeting (AGM) is scheduled for Thursday, and the stock is currently down 0.38% at Rs 2,217.25 at the time of this report.

Brokerages are bullish on RIL and have recommended buys on the stock. CLSA says RIL Jio’s smartphone launch at the AGM will be important. It also said that Jio has logged its first positive cash flow and over 60% drop in capital expenditure. It has an outperform rating on the stock with a target of Rs 2,250.

Jefferies has a base target of Rs 2,580 for RIL. It said the best-case scenario could see RIL stock move up to Rs 3,150.

ICICI Securities said that the stock has spent eight months building a higher base and now it is time for an upside correction. It has revised its target price from Rs 2,369, and its new target price is now Rs 2,490.

Goldman Sachs (NYSE: GS ) says that India’s organized grocery food retail is going to increase six-fold in the next 10 years, and Reliance Retail is going to take an incremental 15% share in it taking its total market share to over 55%. This includes Reliance’s takeover of Future Group stores that currently puts its market share at 41.5% It has a target of Rs 2,425 on the stock.

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  • Prem Kumar @Prem Kumar
    RIL BEST BUY AT 2091 TO 2031
    Like 0
  • SUNILKUMAR DUBE @SUNILKUMAR DUBE
    Tuesday AGM
    Like 0
  • Aditya Desai @Aditya Desai
    Its on Thursday not Friday. Kindly verify facts before publishing. Can be misleading
    Like 6
  • Bharath Kumar @Bharath Kumar
    It is on Thursday right?
    Like 2
    • Sahil Chawla @Sahil Chawla
      Yes. Thursday, 24 June
      Like 1
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  • Irfan Alam @Irfan Alam
    Friday or Thursday?
    Like 0
    • Sudheer Peddi @Sudheer Peddi
      Thursday,I e tomorrow!
      Like 1
    • Sudheer Peddi @Sudheer Peddi
      Thursday,I e tomorrow!
      Like 1
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