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    Overweight on Reliance Industries, target price Rs 1,801: Morgan Stanley


    The recommendation follows the investment of $252 million by Intel Capital for 0.39 per cent stake in Jio Platforms.

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    Morgan Stanley has maintained overweight rating on Reliance Industries with a target price of Rs 1,801. Shares of Reliance Industries ended up 1.5 per cent at Rs 1,787.50 on Friday while the BSE sensex closed 177.72 points up (+0.50 per cent) at 36,021.42.

    Reliance Industries Ltd., incorporated in 1973, has a market cap of Rs 1208950.03 crore.

    Investment Rationale

    The recommendation follows the investment of $252 million by Intel Capital for 0.39 per cent stake in Jio Platforms. This investment values Jio Platforms at $68.8 billion-,along similar lines as the recently announced stake sale, said Morgan Stanley. Multiple catalysts are in play with faster than expected de-leveraging, improving demand and margin outlook on refining and chemicals, top quartile earnings CAGR of 23 per cent over FY20-23,and digtisation, supporting multiples, the brokerage said.

    Quarterly Results


    For the quarter ended March 31, 2020, the company reported consolidated sales of Rs 136240.00 crore, down -11.06 per cent from last quarter sales of Rs 153179.00 crore and down -2.40 per cent from last year's same quarter sales of Rs 139590.00 crore. The company has reported net profit after tax of Rs 6575.00 crore in the latest quarter.

    Promoter/FII Holdings

    Promoters held 49.15 per cent stake in the company as of June 11, 2020 while FIIs held 24.17 per cent, DIIs held 13.37 per cent and public & others 13.31 per cent.
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    1 Comment on this Story

    Krishna Iliger55 days ago
    what is the cause of falling of reliance industries stock after nifty life time high
    Read before you invest. Insights on Reliance Industries Ltd.. Explore Now
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