Reliance Shares Jump Back In Green After Brokerage Remains Upbeat

Reliance’s share price jumped back in the green on Wednesday trading close to its all-time high of ₹3,024.90.

What Happened: JP Morgan maintained its “overweight” rating for the stock with a price target of ₹3,100.

The research firm noted that Reliance’s share price has outperformed the Nifty in the past three months. The analysts added that the stock has tracked its earnings well. Talking about further EPS (earnings per share) growth the analysts said that Telecom tariff hikes alongside refining and petrochemical margins are

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Unlike refining and petrochemical margins, which are subject to market forces, Reliance has more control over telecom pricing, the analysts said. Therefore, tariff hikes in the telecom segment could serve as substantial earnings and stock catalysts in the upcoming quarters.

The update from the investment firm helped the stock jump back into the green as it closed in the red on Tuesday. The stock has had a good start to the year going up around 15% on a year-to-date basis.

Price Action: Reliance’s share price was up 0.35% to trade at ₹3,011 as the markets opened on Wednesday.

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