Morgan Stanley has reiterated its Overweight rating on Reliance Industries’ (RIL) share price, with a target price of ₹1,606 per share, implying a 31% upside from the current market price (CMP) of ₹1,226.30.
The brokerage highlighted that Reliance has signed an agreement with the Indian government to establish a 10GWh battery manufacturing capacity. This development is seen as a significant step in executing RIL’s new energy strategy, as the company focuses on clean energy and sustainability-driven growth.
Morgan Stanley noted that this agreement aligns with government initiatives aimed at boosting domestic manufacturing in India, particularly in the renewable energy and battery storage segments. This contract is expected to strengthen RIL’s position in the emerging green energy sector, providing long-term growth potential.
With Reliance Industries’ share price trading below its long-term averages, the brokerage sees strong upside potential, backed by strategic investments in new energy and a well-diversified business portfolio.
Disclaimer
This article is for informational purposes only and does not constitute financial advice. Investors should conduct their own research or consult a professional advisor before making investment decisions.
