Buy Reliance Industries, target price Rs 2585: Axis Securities

Axis Securities has buy call on Reliance Industries with a target price of Rs 2585. The current market price of Reliance Industries is Rs 2457.85. Axis Securities recommended to keep stop loss at Rs 2370.

Reliance Industries, incorporated in the year 1973, is a Large Cap company (having a market cap of Rs 1662540.05 Crore) operating in Diversified sector.

Reliance Industries key Products/Revenue Segments include Petrochemicals, Oil & Gas, Income From Financial Services, Other Services, Others and Income from Retailing for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 223739.00 Crore, down -5.35 % from last quarter Total Income of Rs 236377.00 Crore and up 14.55 % from last year same quarter Total Income of Rs 195318.00 Crore. Company has reported net profit after tax of Rs 17740.00 Crore in latest quarter.

The company’s top management includes Mr.Mukesh D Ambani, Mr.K V Chowdary, Mrs.Arundhati Bhattacharya, Dr.Shumeet Banerji, Mr.Raminder Singh Gujral, Mr.Adil Zainulbhai, Mrs.Nita M Ambani, Mr.Hital R Meswani, Mr.Nikhil R Meswani, Mr.Pawan Kumar Kapil, Mr.P M S Prasad, Mr.Yasir Othman H Al Rumayyan. Company has S R B C & Co. LLP as its auditors. As on 31-12-2022, the company has a total of 677 Crore shares outstanding.

Investment Rationale
Strong rebound from one-year major support zone of 2,300, daily and weekly RSI bullish.

Promoter/FII Holdings
Promoters held 50.49 per cent stake in the company as of 31-Dec-2022, while FIIs owned 23.48 per cent, DIIs 15.19 per cent.