Bank of America Securities, Goldman Sachs and Jefferies have maintained ‘buy’ ratings while Bernstein and CLSA have retained ‘outperform’.
By ET Bureau | Updated:
Agencies
The company reported a 108 per cent year-on-year rise in profit after tax for the fourth quarter and revenue from operations rose 11 per cent to ₹1.54 lakh crore.
MUMBAI: Brokerages have maintained a bullish view on Reliance Industries (RIL) even as the oil-to-telecom conglomerate’s net profit for the March quarter missed Street estimates. Shares of RIL ended down 1.8 per cent at ₹1,959.25 on Monday.
CLSA maintained the rating citing long-term promise in RIL but said that the stock is trading above its recent deal benchmark valuation. This along with a lack of significant triggers and potential earnings downgrades may limit near-term upside for the stock, said CLSA.
The company reported a 108 per cent year-on-year rise in profit after tax for the fourth quarter and revenue from operations rose 11 per cent to ₹1.54 lakh crore.
Jefferies said retail and petrochemicals’ strong showing is facing temporary pandemic-related headwinds.
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"The stock has underperformed the Nifty by 40 per cent since October ’20, and acceleration in subscriber additions and Jio turning FCF (free cash flow) positive earlier than expectations will help alleviate key concerns,” said Jefferies.
