To market with love on V-Day: RIL powers surge in Nifty and Sensex

The current stock price imputes zero value to RIL’s renewable business, believes foreign brokerage firm Jefferies

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Reliance Industries, one of India’s largest conglomerates, seems to be powering the surge in equity markets on February 14, contributing significantly to the gains in both Nifty and Sensex.

As of 1:30pm, the Sensex was up 575.61 points or 0.95 percent at 61,007.45, while the Nifty was up 146.40 points or 0.82 percent at 17,917.30. Reliance Industries was the top contributor on both the indices, with its stock price on the NSE climbing over 2 percent to Rs 2,373.10.

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Despite being down 7 percent for the year and 18 percent since December 2022, analysts remained optimistic about the company’s future prospects.

Foreign brokerage firm Jefferies on February 13 reiterated its target price of Rs 3,100 for Reliance Industries, citing the company’s adequately funded balance sheet and low leverage as reasons to consider it a ‘buy’.

It has estimated a 24 percent average growth rate in EBITDA (earnings before interest, taxes, depreciation and amortisation) for Jio over FY22-25, a 35 percent growth in retail, an 11 percent growth in refining, and a 4 percent growth in petchem during the period for the base case scenario.

“The current stock price imputes zero value to RIL’s renewable business, and we expect investors to ascribe meaningful value to renewables when the first revenues are realised in CY24,” it noted.

Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.?