The share price of Reliance is under scrutiny after CLSA issued a note on Tuesday stating that it thinks the stock may rise by up to 35% from its present market price. On Monday, Reliance Industries’ shares ended at Rs 2,211 on the NSE. According to CLSA, the stock has dropped 20% in less than 4 months. They have set a target price of Rs. 2,970 for the stock. This is also the third recent bullish brokerage report on the stock.
Investors have been closely following Reliance’s aggressive entrance into the telecom and retail industries in recent months. CLSA added in its note that the company’s ambition to introduce a 5G-equipped smartphone in 2024 and a $5 billion entrance into the 5G area remains a significant trigger for continuing ahead in 2024.
Moreover, it is anticipated that the business will conduct an initial public offering of Jio or Reliance Retail within the next year.