CLSA increases RIL share price target to Rs 2,010

NEW DELHI: CLSA has raised the target price on India’s most valuable company Reliance Industries to Rs 2,010 from Rs 1,710 after the company’s telecom arm Jio announced tariff hikes of up to 35 per cent which is likely to boost its operating profit by $1.1 billion to $1.3 billion.

CLSA’s target price on the stock is the highest among 37 brokerages tracking the stock. Bloomberg data showed 29 analysts have a ‘buy’ rating on Reliance Industries stock, six have a ‘hold’ rating and two analysts have a ‘sell’ recommendations.

Maintaining a ‘buy’ rating, CLSA said that Jio’s tariffs remain at a 7-20 per cent discount to its competitors, which will help the telecom venture maintain its strong relative positioning.