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Reliance Industries shares today gained over one per cent as brokerage CLSA has added the company’s stock to AxJ portfolio.
Reliance shares were up 1.2 per cent, while Larsen & Toubro was down 0.1 per cent.
CLSA’s strategist Christopher Wood has replaced Larsen & Toubro with Reliance in his Asia ex-Japan long-only portfolio.
Start of projects worth $30 billion across segments will make 2016 the biggest year in Reliance’s history, it said.
“We find excessive pessimism on telecom; commercial launch of 4G in mid-2016 will be a key positive trigger,’’ analyst Vikash Kumar Jain wrote in a January 5 note.
CLSA maintains high conviction buy on Reliance saying its operating profit should rise by 50 per cent in two years driven by downstream expansion.
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