Goldman Sachs lowers target price of Reliance Industries’ stock, maintains ‘Buy’
Global brokerage Goldman Sachs on Thursday lowered its target price for Reliance Industries Ltd (RIL), while maintaining 'buy' rating for the diversified group.
Global brokerage Goldman Sachs on Thursday lowered its target price for Reliance Industries Ltd (RIL), while maintaining 'buy' rating for the diversified group.
Reliance Industries, ICICI Bank, State Bank of India, ITC, Hindustan Unilever, and Life Insurance Corporation of India (LIC) were the gainers, Tata Consultancy Services (TCS), HDFC Bank, Bharti Airtel, and Infosys faced erosion from their market valuation.
Last week, nine of the top 10 most valued firms together lost a whopping Rs 2,09,952.26 crore from market valuation. Hindustan Unilever and Reliance Industries Limited took the biggest hit.
Reliance Industries Limited (RIL) reported quarterly consolidated revenue at Rs 2.58 lakh crore for Q2 FY25.
Revenue for Jio Platforms increased by 11.7 per cent Y-o-Y, led by robust subscriber growth of 42.4 million across mobility and homes and benefit of mix improvement in ARPU.
During the afternoon trade, the market valuation of Reliance Industries Ltd (RIL) was at Rs 12,42,593.78 crore on the BSE.
During the quarter, grocery business and electronics stores sustained double-digit growth, while the fashion and lifestyle business delivered a strong rebound, surpassing the pre-COVID levels.
Future Retail Ltd's shares hit the upper circuit of Rs 81.35, rising 4.97 per cent from the previous close.
Of the 30 components of Sensex, three closed in the red including Tech Mahindra, ITC and M&M, shedding up to 0.54 per cent.
"As such, the sole nefarious purpose of linking the name of Reliance to these laws is to harm our businesses and damage our reputation," it said.
