Mumbai: Bernstein has upgraded its target price on oil- to-telecom conglomerate Reliance Industries NSE 0.66 % to ₹3,360 from ₹2,830 with an outperform rating citing strength across all business segments. Shares of Reliance NSE 0.66 % Industries ended up 2% at ₹2,579 on Wednesday.
The foreign brokerage said Reliance Industries’ refining margins could rise to record levels of $25.5 per barrel against $9.8 per barrel in FY22 with supply shortages and lower feedback prices. Bernstein said Reliance has also taken advantage of Russian crude but that may not be a sustainable factor due to increased scrutiny.
