RIL stock could rally up to 20% post strong Q1 results: Brokerages
Global brokerage remained upbeat on Reliance IndustriesNSE 0.34 % (RIL) after the oil-to-telecom behemoth posted a 6.8 per cent year-on-year (YoY) rise in its consolidated net profit for the quarter ended June 30.
The firm led by Mukesh Ambani had posted a net profit of Rs 10,104 crore in the April-June quarter against Rs 9,459 crore in the same period last year.
Following the June quarter results, brokerages turned neutral to bullish on RIL stock.
Brokerage firm UBS maintained ‘Buy’ on RIL with a target price of Rs 1,500, indicating an upside of over 20 per cent from the current market prices.
The foreign brokerage firm added that Reliance performed in a tough environment yet again.
