Accumulate Reliance Industries, target price Rs 1,520: Angel Broking

Angel Broking has an accumulate rating on Reliance Industries with a target price of Rs 1,520, an upside of 7.2 per cent over a CMP of Rs 1,417. It is one of the top picks of the brokerage company.

The share price of the company moved up by 2.23 per cent from its previous close of Rs 1417.00. The last traded price is Rs 1448.60. Incorporated in 1973, Reliance Industries has a market cap of Rs 898499.89 crore.

Investment Rationale

Reliance Industries Ltd. (RIL) is India’s largest company with a dominant presence in refining, petrochemicals, telecom and retail businesses. According to Angel Broking, the telecom business is going to witness robust growth over next few years due to tariff hikes and shift of subscribers from Vodafone Idea to other telecom players.