Reliance shares jump 7% as brokerages maintain bullish view after Q2 results
At 9.51 am, the stock traded at ₹1,238.80 on the NSE after rising to ₹1,244 from ₹1,164.90 previous close
Reliance Industries shares experienced a significant surge of nearly 7%, leading Nifty 50 gainers on Monday following the release of the company's Q2FY27 results. The consolidated net profit rose to an impressive record of ₹29,550 crore, marking a remarkable 33.8% increase year-on-year. Brokerages Jefferies, Kotak, and JPMorgan maintained positive recommendations on the stock, highlighting the strong performance of Reliance's refining and petrochemical businesses.
Jefferies raised its target price to ₹1,710 from ₹1,600, while Kotak maintained a buy rating with a target price of ₹1,500. JPMorgan increased its target price to ₹1,675 from ₹1,625 and raised its FY27 and FY28 earnings per share estimates by 10.9% and 5%, respectively. The oil-to-chemicals (O2C) business was identified as the primary driver of the company's strong performance in Q2, with its EBITDA growing by 23% year-on-year to ₹566 billion.
However, retail EBITDA declined by 10% year-on-year due to investments in quick commerce and the impact of inflation on margins.
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