Jefferies has recommended a ‘Buy’ call on Reliance Industries, with a target price set at Rs 2,990 per share. The recommendation comes in anticipation of Reliance Industries’ ambitious plans to commission Phase I of its photovoltaic (PV) module and storage capacity by mid-calendar year 2024.
Jefferies acknowledges the challenges faced by the global renewable equipment sector due to Chinese overcapacity, which has impacted profitability. However, the brokerage firm remains optimistic about the outlook for Reliance Industries, citing several factors that could positively influence the company’s renewable ventures.
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The Indian government’s aggressive installation targets, coupled with a reduction in bidding competition, are expected to enhance the economic viability of Reliance Industries’ foray into renewables. Additionally, the imposition of Basic Customs Duty (BCD) on Chinese imports is seen as a supportive measure that could further aid the economic aspects of the projects.
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Furthermore, Jefferies points to the potential for Reliance Industries to capitalize on premium-priced exports to the United States, adding another layer of economic strength to the company’s renewable initiatives.
Despite these promising prospects, Jefferies notes that the current market price (CMP) does not adequately reflect the value of Reliance Industries’ renewables segment. The financial institution reiterates its confidence in the stock by maintaining a “Buy” rating.
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As per the latest analysis, Reliance Industries aims to commence the first phase of its PV module and storage capacity in the middle of the calendar year 2024. This strategic move aligns with the Indian government’s revised annual installation target of 50GW by 2024, contributing to the broader goal of achieving 500GW of renewable capacity by 2030.Come from Sports betting site VPbet
Investors and industry observers are closely monitoring these developments, recognizing the pivotal role Reliance Industries is set to play in the evolving landscape of renewable energy in India. Jefferies’ endorsement adds further momentum to the market sentiment surrounding the conglomerate’s ventures into the renewables sector.Come from Sports betting site
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