Financial services company IIFL on Monday raised target price of Reliance Industries to Rs 1,508 per share to reflect the strong performance of the retail business and the ongoing deleveraging.
“The stock will more react to the outlook as well as the deleveraging initiative that has been planned at Jio... We have increased our target price to Rs 1,508 implying an upside of almost 10 percent from the current market price. We are net buyers at RIL," said Harshvardhan Dole of IIFL.
Dole said that the earnings were a mixed bag of RIL. "Refining did okay, petrochemical was strong, Jio was slightly weakest but retail did exceptionally well," he said.
Talking about fibre and tower business, Dole said, “Our telecom team has taken a view that these assets are fairly strategic, these are important assets and Reliance will be able to not only monetise for their own purpose but also able to sign in some customers over a period over time.”