Leading global investment bank JP Morgan remains bullish on Reliance Industries Limited (RIL) shares. The banking giant wrote that the RIL could experience a 25% upside swing and reach a new high of Rs 1,520. The Mukesh Ambani-led multi-billion dollar company is currently trading at the Rs 1,205 mark on Friday’s trading session.
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RIL shares saw steep corrections as it dipped nearly 18% in the last six months. The stock has been trading in the red for nearly a week now with little to no price spurts. However, JP Morgan wrote that Reliance Industries shares could bottom out after the correction and head north next.
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JP Morgan Gives Reliance Industries (RIL) Shares a ‘Buy’ Call
The global bank wrote in a note that RIL shares could hit a high of Rs 1,520 next. That’s an uptick and return on investment (ROI) of approximately 25% from its current price of Rs 1,207. Therefore, an investment of Rs 10,000 could turn into Rs 12,500 if the forecast turns out to be accurate.
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The bank wrote that Reliance Industries shares are trading at a “reasonable value” after receiving a haircut from the market correction. They wrote that the restoration of the retail segment and increase in telecom tariffs could boost its value hereon. Therefore, a 25% spike in the charts could be a reality in the coming months, wrote JP Morgan.
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The RIL shares had a 1:1 split in Q4 of 2024 making its price reduce in half. Despite the split, its price began dwindling in the charts as the markets did not support a bullish thesis. Sensex has lost nearly 2,800 points year-to-date making Reliance Industries shares bear the brunt of the downturn. Even Mukesh Ambali-led Jio Financial Services shares remain in the red this year. Read here to know how high Jio Financial shares could surge in the charts in 2025.