Business · India Bureau
RIL shares gain on strong refining outlook, analyst upgrade
Reliance Industries shares climbed 2% following analyst confidence in the company's second-quarter earnings prospects, driven by robust performance in its oil-to-chemicals business. A major brokerage has raised its price target on the stock, signalling significant upside potential.
LSN India ·
Reliance Industries Limited (RIL) shares advanced in trading today, supported by renewed optimism over the company's near-term financial performance. The buying interest reflected growing confidence in the strength of RIL's oil-to-chemicals (O2C) segment, a key earnings driver for the energy and petrochemicals conglomerate.
Nuvama, a leading investment research firm, reiterated its bullish stance on the stock, reaffirming its 'Buy' recommendation. The brokerage set a target price of ₹1,766 per share, implying upside of approximately 36 per cent from the previous closing price of ₹1,301.05.
The upgrade underscores analyst expectations that RIL's second-quarter results will reflect solid operational performance, particularly in its downstream refining and petrochemicals operations. The O2C business, which converts crude oil into high-value chemicals and fuels, has been a significant contributor to RIL's profitability amid volatile global energy markets.
The positive sentiment follows broader market movements in energy stocks as investors reassess valuations and growth prospects. RIL's consistent dividend policy and strong balance sheet have continued to attract both domestic and foreign investors seeking exposure to India's energy transition.