Brokerages remain bullish on Reliance Industries despite windfall tax

Reliance Industries shares gained as much as Rs 32.9, or 1.4 per cent intraday, on the BSE on Monday, before finally closing trade at Rs 2,413.95 apiece

Global and domestic brokerages continue to have a ‘buy’ rating on Reliance Industries (RIL) despite the government’s move to levy new taxes on petrol, diesel, and aviation turbine fuel.

At least eight brokerages, including Goldman Sachs, BofA Securities, Nomura, and Jefferies, had a ‘buy’ rating on the stock on Monday, following the announcement of the new fuel taxes by the government on Friday.

Morgan Stanley remained ‘overweight’, while brokerage house Haitong Securities had an ‘outperform’ tag on RIL.

The bullish outlook by brokerages contributed to RIL shares recovering on the bourses on Monday, following the previous day’s plunge — its