Reliance Industries surge nearly 1% on the back of bullish nod from JPMorgan

Reliance Industries (RIL) witnessed a 0.5 percent surge in its shares, reaching Rs 2,406 on November 29, following an optimistic move by global brokerage firm JPMorgan. The brokerage firm bestowed an ‘overweight’ rating on RIL, setting a target price of Rs 2,810 per share, indicating a potential upside of 17 percent from the current levels.

JPMorgan analysts expressed their bullish stance on the telecom-to-oil conglomerate, asserting that the majority of earnings cuts for RIL were now in the past.

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“The recent correction in stock value aligns with the 21 percent reductions to FY24 earnings per share (EPS) forecasts since June 2022. We are optimistic about the conglomerate’s transition to positive free cash flows,” stated the brokerage firm.

As of 10:17 am, the stock continued its positive momentum, trading at ₹2,407.45, reflecting the market’s favorable response to JPMorgan’s upbeat rating.