Reliance Industries continues to be on Jefferies ‘Buy’ list with price target of Rs 2,990; upcoming renewable ventures key positive
时间:2024-06-17 04:00:54 阅读（143）
Jefferies has recommended a ‘Buy’ call on Reliance Industries, with a target price set at Rs 2,990 per share. The recommendation comes in anticipation of Reliance Industries’ ambitious plans to commission Phase I of its photovoltaic (PV) module and storage capacity by mid-calendar year 2024.
Jefferies acknowledges the challenges faced by the global renewable equipment sector due to Chinese overcapacity, which has impacted profitability. However, the brokerage firm remains optimistic about the outlook for Reliance Industries, citing several factors that could positively influence the company’s renewable ventures.
Furthermore, Jefferies points to the potential for Reliance Industries to capitalize on premium-priced exports to the United States, adding another layer of economic strength to the company’s renewable initiatives.
Despite these promising prospects, Jefferies notes that the current market price (CMP) does not adequately reflect the value of Reliance Industries’ renewables segment. The financial institution reiterates its confidence in the stock by maintaining a “Buy” rating.
As per the latest analysis, Reliance Industries aims to commence the first phase of its PV module and storage capacity in the middle of the calendar year 2024. This strategic move aligns with the Indian government’s revised annual installation target of 50GW by 2024, contributing to the broader goal of achieving 500GW of renewable capacity by 2030.
Investors and industry observers are closely monitoring these developments, recognizing the pivotal role Reliance Industries is set to play in the evolving landscape of renewable energy in India. Jefferies’ endorsement adds further momentum to the market sentiment surrounding the conglomerate’s ventures into the renewables sector.
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