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Reliance Industries’ shares today gained 0.5 per cent as BNP Paribas has upgraded the stock to “buy’’ from “hold’’.
It has raised the target price to Rs 980 from Rs 911.
“We see limited downside from the current level as earnings strength should offset uncertainty with regard to the telecom investments,’’ it said in a report.
According to BNP, Reliance is now past major capex plans and looks poised for earnings growth led by its core segments.
It said strength in refining margins, driven by gasoline, combined with cost benefits to refiners now seemed to be sustainable. “We expect GRM at $9/bbl in FY16 and $10.2/bbl for FY17,’’ it added.
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