Jefferies has also come out with a note on Reliance Industries, maintaining a ‘Buy’ rating with an unchanged target price of Rs 1,670.
Jefferies points out that RIL stock does run the risk of a holdco discount ahead of the Jio-IPO listing, especially as the management looks to sell 5G stacks overseas and expand business.
In terms of other segments, Jefferies expects the FMCG business to large investments, which in turn, may propel its revenues to $12 billion in five years.
New energy business, meanwhile, has also been scaled up and targets have been outlined, adding to positive brokerage sentiment around the RIL stock.