Mukeah Ambani Reliance Industries Share Will Make you Richer As Brokerage Firms Hike Target Price After FY24 Q4 Results

Reliance Share Price: Reliance Industries presented excellent quarterly results in the fourth quarter of the financial year 2023-24. Reliance Industries has become the first company in the country whose revenue from operations has crossed Rs 10 lakh crore and pre-tax profit has crossed Rs 1 lakh crore. The EBITDA of the company during the entire financial year has been Rs 1,78,677 crore. After this excellent financial performance, brokerage houses are looking extremely bullish on Reliance stock.

Stock can go up to Rs 3500

Global brokerage firm Jefferies has increased the target price of Reliance Industries from Rs 3140 to Rs 3380 after the results. Jefferies believes that due to Jio's tariff hike, there may be a 14 percent jump in EBITDA growth in the financial year 2024-25. Another global brokerage firm UBS has advised investors to buy the stock for a target price of Rs 3420. Whereas Numava has increased its target price to Rs 3500.

Oil to chemicals business will do wonders

Equirus Securities has also advised investors to buy Reliance Industries stock. The brokerage house said that the stock can show a rise of 10 percent from the current level and it can reach the level of Rs 3220. In its note, the brokerage house said that the company has seen tremendous improvement in the oil to chemicals business. Production from KG Basin is at its peak and may remain in a range in the coming days. While the brokerage house has described the performance of Reliance-Jio as stable, the pace of growth of Reliance Retail has been described as slow.

Antique also increased the target price

Another stock brokerage firm Antique Stock Broking Limited has also advised investors to buy shares of Reliance with a target price of Rs 3227. The brokerage firm said that the EDITDA of the company in the fourth quarter of the financial year 2023-24 has been Rs 425.1 billion, which is as per the estimate. The note said that the weak performance of the retail business has been compensated by the excellent performance of the Oil to Chemicals business. Earlier the brokerage house had given a target of Rs 3005 but it has increased it to Rs 3227.

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