The shares of Reliance Industries Limited were trading in green at Rs 2,435 levels in the early hours on Thursday. In the past month, the stock has shed over 6.24% and has largely remained flat at a 1.29% gain.
Despite the share price being volatile, the company has remained in the news for positive developments. The business recently stated that it will soon introduce a laptop for ₹ 15,000 ( $ 184), making it one of the cheapest on the market in India, in an attempt to emulate the success of its low-cost phone.
In addition to that, the company will also launch the much-awaited 5G services first across the metro cities by Diwali and then roll out throughout the country by the end of 2023. For this purpose, the company is in talks with a combination of global firms like Ericsson, Nokia, and Samsung as well as its local solution.
Morgan Stanley maintained an overweight rating on Reliance Industries with a target price of ₹ 3,085 which represents an upside of 27% from the current levels.
The earnings upgrade cycle is taking shape with the new investment cycle. The supply side challenges should keep the refining margins high and the consumer retail is seeing good traction on store additions, said the note by the brokerage.
Further, good news came in for the Indian oil companies yesterday, as the government declared to cut the windfall tax on locally produced crude oil and diesel, in line with the decline in international rates, and scrapped the levy on the export of jet fuel.
The tax on domestically produced crude oil is brought down to Rs 8,000 per tonne from Rs 10,500 per tonne. The levy on the export of diesel was halved to Rs 5 per litre and the tax of Rs 5 a litre on aviation turbine fuel (ATF) exports was scrapped.
Reliance Industries Limited, led by Mukesh Ambani, is an Indian multinational conglomerate company with diverse businesses including energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles.
Written by Anoushka Roy
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