Most brokerages remain bullish on RIL after Q1 results

Mumbai: Most brokerages retained bullish ratings on Reliance Industries after the oil-to-telecom conglomerate’s June quarter net profit rose 31% to Rs 13,248 crore.

The profit was aided by an exceptional gain of Rs 4,966 crore that BP Plc paid for its stake in their fuel retailing joint venture, Jio’s robust performance and lower tax expense. Excluding this gain from BP deal, RIL’s profit before tax is lower by 41% to Rs 8,542 crore for the first quarter.

Bank of America Securities, Goldman Sachs and Nomura maintained buy rating while Bernstein and CLSA retained outperform. Credit Suisse is neutral on Reliance and Edelweiss has hold rating. JP Morgan has neutral rating too but it has raised target price to Rs 1860 from Rs 1490.