Shares of Reliance Industries Limited (RIL) rose over 1% to ₹1,522.30 on Tuesday, July 1, following a bullish target price revision from Nuvama Institutional Equities. The brokerage reiterated its ‘Buy’ rating on RIL and raised the target price to ₹3,801—the highest on the Street—driven by strong growth potential from its solar energy business.
According to Nuvama, Reliance’s entry into external solar module sales, backed by its 20 GW integrated solar manufacturing facility, offers significant re-rating potential for the stock. The brokerage highlighted that RIL’s Heterojunction (HJT) modules, with over 23% efficiency and ALMM approval, could deliver a premium over peers and add around ₹3,800 crore to FY25 PAT, contributing 6% of profits.
Nuvama also pointed out that Reliance’s new energy rollout could boost profits by over 50% and unlock broader valuation upside across segments, including oil-to-chemicals (O2C). The brokerage will closely track further announcements at RIL’s upcoming AGM, expected between August and September.
At current levels, RIL shares are trading up by 1.45% from the previous close of ₹1,500.60, with a market cap of ₹20.60 lakh crore.
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