After Morgan Stanley and JP Morgan, now Jefferies turns bullish on RIL

RIL is a key beneficiary of energy inflation, with every $1 per barrel improvement in annualised refining margins adding an estimated $400-450 million to RIL's consolidated Ebitda, Jefferies said

Foreign brokerages are slowly turning bullish on Reliance Industries' (RIL) stock. After Morgan Stanley (in May) and JP Morgan (June) maintained a bullish view on the counter, analysts at Jefferies have also turned bullish and maintain a price target of Rs 3,400 – an upside of 34 per cent from the current levels.

The positive stance for these brokerages stems from firm crude oil prices, which they feel will benefit the company. Those at Jefferies, for instance, believe RIL's refining margins will benefit from multi-year-low diesel inventories, declining Russian exports, muted Chinese exports, lower diesel production in Europe and delays