Buy Reliance Industries, target price Rs 2900: Chandan Taparia

Chandan Taparia of Motilal Oswal Securities has buy call on Reliance Industries with a target price of Rs 2900. The current market price of Reliance Industries is Rs 2779.5. Time period given by analyst is Intra Day when Reliance Industries Ltd. price can reach defined target.

Reliance Industries Ltd., incorporated in the year 1973, is a Large Cap company (having a market cap of Rs 1880608.04 Crore) operating in Diversified sector.

Reliance Industries Ltd. key Products/Revenue Segments include Petrochemicals, Income From Financial Services, Other Services, Oil & Gas, Others and Income from Retailing for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 214344.00 Crore, up 9.74 % from last quarter Total Income of Rs 195318.00 Crore and up 35.55 % from last year same quarter Total Income of Rs 158133.00 Crore. Company reported net profit after tax of Rs 17876.00 Crore in latest quarter.

Investment Rationale
Follow up buying after narrow range breakout and making higher highs–higher lows over three weeks

Promoter/FII Holdings
Promoters held 50.66 per cent stake in the company as of 31-Mar-2022, while FIIs owned 26.62 per cent, DIIs 11.83 per cent.