Brokerages bullish on RIL, expect stock to gain up to 38%

Mumbai: Brokerages including CLSA, JPMorgan, Kotak Institutional Equities and Jefferies have reiterated their ‘buy’ or ‘overweight’ ratings on Reliance Industries in the past few days on the grounds that the recent decline in the stock price has made valuations cheaper. Their target prices on the stock range between ₹2,900 and ₹3,100, implying an upside of 30-38% from Monday’s close. Reliance shares gained 1.6% to close at ₹2,238.80 on Monday.