RIL bonus share issue, deep-tech makeover fails to move target prices higher
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Notwithstanding retail investor's enthusiasm over bonus issue announcement, the annual general meeting (AGM) of Reliance Industries (RIL) lacked any near-term catalysts for brokerages to raise their target prices higher. The listing of RIL's consumer facing businesses - Reliance Jio and Reliance Retail - can lead to re-rating of India's most valued stock but billionaire Mukesh Ambani made no mention of it in his AGM speech. After ending Thursday's session 1.5% higher on enthusiasm related to consideration of bonus share issue on September 5, RIL shares were trading 0.5% lower on Friday. None of the major brokerages raised targets but retained buy calls. Macquarie maintained a neutral stance on the bluechip stock saying that no tangible progress in Jio and Retail spin-offs could disappoint Street. "RIL's AGM commentary doesn't change our view of downside risks to consensus forecast FY26 consolidated EPS of Rs 1...