Reliance Industries Share Price Target: Stock Gains Over 3.6 Pc |Here’s Why (image source: Canva)
RIL Share Price Target: Reliance Industries (RIL) shares on Wednesday surged over 3.5 per cent and reached Rs 2,991 per share in the early trade on NSE. The growth momentum followed soon after Goldman Sachs revised the target price in its review note. Check the latest RIL share price target and other deatils here.
RIL Share Price Target 2024: Goldman Sachs Review
In its stock review note, the US-based brokerage stated the favourable risk-to-rewards ratio, affirming its optimistic outlook. Notably, RIL’s shares have been hovering near their 52-week high of Rs 3,024.90, a level reached on March 4. Goldman Sachs maintained a ‘BUY’ rating and hiked the RIL share price target from earlier 2,925 to 3400.
RIL Projected Growth and Returns
Goldman Sachs foresees a promising 17 per cent compound annual growth rate (CAGR) in RIL’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) between FY 2024 and FY 2027. The brokerage attributes this growth trajectory to the company’s peaking capex and improving returns, particularly in long-term capex-intensive ventures.
The significant surge in RIL’s stock contributed substantially to the broader market indices, propelling the Nifty over 100 points higher. Notably, RIL has delivered impressive returns of nearly 32 per cent over the past 12 months, outpacing the Nifty’s returns of 30 per cent over the same period.
RIL Technical Analysis
Presently, RIL’s stock is trading above both its 50-day and 200-day simple moving averages (SMA), with momentum indicators suggesting further upside potential. The Relative Strength Index (RSI) and Money Flow Index (MFI) stand at 47.4 and 36.1, respectively, indicating a medium range.
RIL Financial Performance
Despite a challenging economic environment, RIL reported a commendable 9.3 per cent year-on-year (YoY) growth in consolidated net profit for the quarter ended December, amounting to Rs 17,265 crore. However, consolidated revenue from operations experienced a modest YoY growth of 3.6 per cent to reach Rs 2.28 lakh crore, slightly below market estimates.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Today Technology Market ResearchDigital suggests its readers/audience to consult their financial advisors before making any money related decisions.)
