Reliance Industries Share Price: The stock of Reliance Industries, the country’s largest private company, can give bumper returns to investors from its current level. This is to say of the global brokerage company Jefferies. The brokerage house believes that Reliance Industries’ foray into the green hydrogen business could result in a tremendous rally in the stock.
Jefferies has given a valuation of $ 8 billion to the green hydrogen business in its report. After which the brokerage house estimates that the stock of Reliance may jump by 26 per cent from its current level and the stock may touch the level of Rs 3100. In its report, Jefferies valued Reliance’s electrolyser manufacturing business at a 20 per cent discount to European benchmarks and valued it at $8 billion. He believes that if the government gives any subsidy to the green hydrogen business, then there can be a further jump in the valuation.
Due to the report of Jefferies, there was a jump in the stock of Reliance on Tuesday. Reliance’s stock closed at Rs 2478 with a gain of 1.42 per cent. At the same time, the quarterly results of Reliance are also to be announced for the third quarter. In which the gross refinery margin, increase in Jio’s mobile tariff and Jio’s listing on the stock exchange and increase in market share in the retail sector business can see a further jump in the stock value.
If the government abolishes the windfall tax imposed on oil companies, then Reliance Industries can get its biggest benefit. Recently rating agency Fitch has said that in 2023 the windfall tax on oil companies can be abolished. In fact, on July 1, 2022, when the government announced the imposition of windfall tax, there was a record decline in the stock of Reliance. In one trading session, Reliance’s stock fell 9 percent. But due to the news that Fitch Ratings is expected to withdraw the windfall tax, the stock of Reliance can be seen enthusiastically.
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