Mukesh Ambani's RIL has stock analysts most bullish in seven years

Analysts are at their most bullish on billionaire Mukesh Ambani’s Reliance Industries Ltd. since January 2016 amid a dip in the share price of India’s largest company.

 

The stock is down 3% so far in 2023 compared with a gain of 1.5% in the S&P BSE Sensex Index, hurt in part by a decline in crude prices. Thirty-three of the 38 analysts that cover the conglomerate have buy ratings, with many citing attractive valuations as well as optimism for its various oil-related, consumer and telecom businesses.

The planned listing of the company’s Jio Financial Services Ltd. later this year “could drive value unlocking and is a potential key trigger for the stock,” said Hemang Khanna, an analyst at Nomura Financial Advisory & Securities India Pvt. He added that consumer and new-energy businesses will be key drivers of value creation for Reliance.