Citi upgrades Reliance Industries rating to 'Buy,' raises target price to Rs 1,530
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Reliance Industries Ltd’s shares surged as much as 3% on Monday to Rs 1302.7 on BSE, after Citi upgraded the stock to a "Buy" rating, increasing its target price to Rs 1,530, citing favourable risk-reward dynamics after a 20% underperformance against the broader Indian market over the last six months. Citi’s latest report highlights an optimistic outlook for Reliance Industries, driven by a combination of improving refining margins and growth prospects in its telecom arm, Jio. The investment bank believes the company's valuation is now compelling, given its recent lag behind the Indian stock market. One of the key factors influencing the brokerage’s upgrade is the expected improvement in refining margins. With China's export competitiveness diminishing, RIL's refining segment is poised to benefit, potentially boosting its overall profitability. The brokerage report also emphasises Jio's strong positioning, partic...