Brokerages maintained a positive stance on Reliance's expansion plans and a decline in capital expenditure. 

Brokerage Views: Kotak Institutional Equities maintained "add" call on Reliance but cut its target price on the stock to ₹3,200 from ₹3,300.

The 50% decline in retail capex is a key positive in FY24 annual report, while consolidated capex declined only by 7% in FY24, the brokerage added. Retail capex fell to ₹24,500 crore in FY24 from ₹51,400 crore. 

Telecom capex remained high and the other segments of media and new energy saw a five-fold increase. Kotak said it is optimistic of a decline in capex and net debt as telecom capex moderates. 

The pace of fresh investment in new energy has remained slow in FY24, with cumulative investment of $2 billion (around ₹16,747 crore) so far compared to initial plans of investing $10 billion in the first three years. (₹83,738 crore). 

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CLSA also maintained "outperform" call with a target price of ₹3,300. With the first phase of new energy production expected to start in the coming months, the brokerage said there are encouraging signs of progress in the company's phased launch of solar giga factory. 

Steady technological progress is helped by key global and local partnerships, the research firm added. CLSA said the start of the solar giga factory to be a key event and expects the upcoming annual general meeting to provide more details. 

India's largest listed company is set to have its annual general meeting on August 29, Thursday. 

Price Action: Shares of Reliance Industries opened flat on Monday and were up 0.26% at ₹3,007.85. 

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