Who invests in RIL may remain long on the stock; but, may it remain mixed, they should avoid fresh longs, the expert said
Brokerage firms mixed on Reliance Industries after quarter results at March as CLSA, Nomura maintained buy rate whereas Kotak Institutional Equities maintained 'sell' while IDBI Capital down rank the stock to hold.
Investors who are already invested in RIL may remain long on the stock, as some brokerage have confident of a strong rally of over 10 % in the next 12 months.
for next month CLSA has an aggressive target price on RIL at Rs 1,665 which translates into an upside of 20 % from April 18 close.
However, as the view remain mixed, investors should avoid fresh longs, expert advice.
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Reliance Industries, India's largest company by market capitalization, reported a 9.8 % YoY growth in 4th quarter consolidated net profit to Rs 10,362 crore. This was driven by a 19.4 % increase in quarterly revenue to Rs 1.54 k crore.
The company attributed the robust revenue performance to strong growth in its retail and digital services businesses that grew 51.6 % and 61.6 %, respectively. the company said, Higher petrochemical volumes also contributed to growth in revenue.
The company's board has recommended a dividend of Rs 6.50 per equity share of Rs 10 each for the financial year ended on March 31, 2019.
The company's Q4 gross refining margin (GRM) came in at $8.2/bbl against $8.8 a barrel reported in the quarter of FY19, December and $11/bbl in Q4FY18.
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