Reliance shares rise after oil-to-telecom conglomerate reports 2% decline in Q4 revenue

Reliance Industries shares gained on Monday after the oil-to-telecom conglomerate reported its financial results for the January-March 2023 period. Jefferies and Goldman Sachs raised their target prices for the RIL stock after the earnings announcement. 

Reliance shares rise after oil-to-telecom conglomerate reports 2% decline in Q4 revenue
Reliance Industries shares gained on Monday after the conglomerate reported its Q4 results. | Image: Reuters

Reliance Industries shares rose on Monday, after the oil-to-telecom conglomerate last week reported its financial results for the January-March 2023 period. Reliance shares gained by as much as Rs 34 — or 1.4 per cent — to Rs 2,382.9 apiece on BSE in early deals. 

After market hours on Friday, Reliance Industries Ltd (RIL) reported a two per cent decline in revenue to Rs 2,16,376 crore for the March quarter compared with the previous three months. Its quarterly net profit came in at Rs 19,299 crore, according to a regulatory filing. Its telecom arm, Reliance Jio Infocomm — which provides telecom services under brand Jio — reported a net profit of Rs 4,716 crore for the three-month period. Read more on RIL Q4 results

Here's how some of the top brokerages view Reliance Industries after the release of the group's Q4 results: 

Brokerage Rating Target price
CLSA Buy Rs 2,970
JPMorgan Overweight Rs 2,960
Jefferies Buy Raised to Rs 3,125 from Rs 3,100
Goldman Sachs Buy Raised to Rs 2,890 from Rs 2,875
Macquarie Neutral Rs 2,050

(This story will be updated shortly)

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Written By: ZeeBiz WebTeam
Updated: Mon, Apr 24, 2023
11:08 AM IST
New Delhi, ZeeBiz WebDesk
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