JP Morgan trusts Reliance Industries shares, expects 32 percent growth

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Mumbai : Global research and broking company JP Morgan has expressed its confidence in the shares of Reliance Industries (RIL) on Thursday. He has given a target of Rs 2960 on Reliance Industries while maintaining his overweight rating. JP Morgan says that this stock can see an upside of 32 per cent from the current levels.

It said Reliance Industries could see a relative outperformance in calendar year 2023 (CY23), which could help drive full performance over calendar year 2024-25 with several potential catalysts in an overall sluggish earnings environment. The financial services company said it sees continued strength in the refining business.

benefits of long term investment

JP Morgan says that due to the ongoing capital expenditure and investment plan of Reliance Industries, the company, which is already in the position of leader in petrochemical, telecom and retail sector, can grow further in the coming two years. There is a lot of potential in this stock for long term investors. At this time, there are good opportunities for investment in this stock from long term point of view.

Multi-year development from renewable energy project

JP Morgan also says that what makes RIS special is its ability to capitalize on development projects in an environment short of capital for investment. The company’s renewable energy project will act as an engine for its multi-year growth. However, in terms of return on investment, it will take about one to one and a half years to reap the benefits of the company’s renewable project.

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