Mumbai: Goldman Sachs has raised its price target on Reliance Industries by 12% to ₹3,185 as it expects the company’s new energy business to be one of its growth drivers alongside retail and telecom. Reliance shares gained 0.8% to close at ₹2,382 on Tuesday.
“RIL NSE 1.46 % is adopting a manufacturing approach to net zero emissions with a hyper integrated model spanning solar, battery and hydrogen and a focus on net zero supply chain,” said the brokerage in a note to clients on Tuesday, while reiterating its ‘buy’ rating on the stock. “Returns for New Energy is materially higher versus old energy while cost of capital is materially lower implying significant value creation.”
