Tue Oct 15 08:30:33 UTC 2024: ## Reliance Industries Shares Dip on Soft Q2 Results, Brokerages Trim Target Prices

**Mumbai, India -** Shares of Reliance Industries Ltd (RIL) fell nearly 1% on Tuesday, following the company’s second consecutive quarter of subdued earnings.

The decline was attributed to weaker refining and petrochemical margins, which impacted RIL’s standalone performance. While Reliance Retail saw improved margins, revenue growth remained weak. Jio’s recent tariff hikes were offset by higher subscriber churn.

Several brokerages responded by revising their target prices for RIL stock downwards.

**MOFSL** lowered its target price to Rs 3,255 from Rs 3,410, citing the potential of Jio to drive Ebitda growth over the next few years. The brokerage expects growth in Jio’s Homes and Enterprise business, fueled by market share gains and further tariff hikes. MOFSL also anticipates a recovery in Reliance Retail following the recent rationalization of unprofitable stores and B2B operations.

**Antique Stock Broking** cut its target price to Rs 2,846 from Rs 3,194, adjusting its Ebitda estimates for RIL downwards due to weaker retail performance and O2C margins. The brokerage also lowered its valuation multiples for the fashion and lifestyle and grocery businesses.

**HDFC Institutional Equities** retained its target price at Rs 3,350 per share, while **Nuvama** suggested a target price of Rs 3,650, highlighting the significant potential of RIL’s new energy business.

RIL shares closed at Rs 2,726 on BSE, down 0.7% for the day and 7.61% over the past month.

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