3 reasons why RIL AGM failed to give analyst price targets a lift

NEW DELHI: Reliance Industries’ announcements at Thursday’s AGM could bring in a re-rating for the stock, but for now the upside looks capped for the stock, analysts said.

Marketmen tracking the stock said the AGM announcements were encouraging but fell short of heightened Street expectations. They said there was no clarity on valuations for either the Saudi Aramco deal nor the AGM speech by the Chairman and MD Mukesh Ambani offered any timeline for the listing of Jio and retail businesses. The planned new Rs 75,000 crore green energy investments, though welcomed, may hurt the already low return on equity (ROE) in the short term, they said.

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