Reliance share price in focus as CLSA expects 35% upside in the stock from current levels

CLSA believes that shares of Reliance can rally upto 35% from current levels and has a target of Rs 2,970 on the stock.

Reliance share price is in focus after CLSA on Tuesday initiated a note and it believes that the stock can rally upto 35% from current market price. Reliance stock closed at Rs 2,211 on the NSE on Monday. CLSA says that the stock has dipped 20% in less than 4 months. They have a target price of Rs 2,970 on the stock. Additionally, this is also the third positive report on the stock from brokerages recently.

Reliance’s aggressive foray into the telecom and retail business is keenly watched by investors over the last few months. CLSA in its note stated that the company’s plan to launch 5G enabled smartphone in 2024, and a $5 billion foray into the 5G space remains a key trigger in 2024 going forward.


Besides, the company is expected to launch the Initial Public Offering of Jio or Reliance Retail in the next one year.