Goldman Sachs raises 12-month target price of RIL to Rs 1,850 per share
Goldman Sachs Equity Research has increased the 12-month target price of the shares of Reliance Industries to Rs 1,850 per share. The equity research firm also raised the earnings estimate for financial year 2021-22.
On Wednesday, shares of RIL on the BSE closed at Rs 1,552.55, lower by Rs 26.30 or 1.67 per cent.
The positive comes on the back of expectation of stronger growth in the telecom segment, with higher revenue and strong subscriber base among others.
“We raise our earnings estimates for FY21/22E and 12-month target price to Rs 1,850 (from Rs 1,635) mainly on our expectation for stronger growth in the telecom business, driven by a higher ARPU from potential tariff hikes coupled with continued strong subscriber addition momentum (44 per cent market share by FY22E),” Goldman Sachs said in a research note.
