Reliance Industries Ltd shares have secured bullish ratings following the company’s record September quarter earnings. Goldman Sachs and Nomura have maintained their Buy ratings on the stock, citing strong performance in its oil-to-chemicals (O2C) business and steady growth in telecom, even as retail earnings remained under pressure.
Goldman Sachs set a target price of Rs 1,840 per share, implying 58 percent upside from Friday's closing price, while Nomura assigned a target of Rs 1,560 per share.
Reliance Industries shares closed at Rs 1,164.90 on Friday, October 30, down 0.21 percent ahead of the company's Q2 FY27 results announcement. The Mukesh Ambani-led conglomerate had a market capitalisation of Rs 15.76 lakh crore.
Reliance Industries reported its strongest-ever quarterly financial performance in the fiscal second quarter, with record revenue, EBITDA and net profit, driven by robust growth in its O2C business, digital services and retail operations.
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