Reliance’s share price continued in the green to start the fresh week after the oil-to-telecom giant reported its Q4 earnings last week.
What Happened: The conglomerate reported a 2% year-over-year jump in revenue from operations for the quarter ended March at ₹2,19,294 crore. It was down around 1.91% from the revenue it booked in the December quarter.
Profits, on the other hand, saw a clear jump in Q4. The Mukesh Ambani-led MNCs reported a 19.22% YoY and 22.21% quarter-over-quarter jump in profits at ₹19,299. EBITDA for the period stood at ₹38,440 crore up around 21.8% YoY at ₹41,389 crore. The profits were much above consensus estimates. Basic EPS for the quarter stood at ₹28.5.
The company’s estimate-beating numbers have impressed analysts across the board. Jefferies maintained its ‘buy’ rating for the stock with a price target of ₹3,125. Goldman Sachs also maintained its ‘buy’ rating for the stock with a slightly lower price target of ₹2,890. JP Morgan also remained ‘overweight’ on the stock with as it sees the Reliance share price going up to ₹2,960. Nuvaman also assigned a ‘buy’ call to the stock with a target price of ₹3,205.
Domestic brokerage firm Motilal Oswal maintained a ‘buy’ on the RIL stock with a price target of ₹2,800. Kotak Institutional Equities also maintained the ‘buy’ call with a target price of ₹2,800.
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Price Action: Reliance’s share price was up 1.06% to trade at ₹2,373.90 at market open on Monday.
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