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RIL Shares Surge Over 5% Despite ‘Neutral' Rating, Target Price Cut By Credit Suisse
Shares of Reliance Industries in intra-day trade on March 31, 2020 surged over 5% to record day's high price of Rs. 1088.20 on the BSE. The gains in the counter come even as the foreign research firm Credit Suisse maintained 'neutral' rating on the stock and reduced target price from Rs. 1400 to Rs. 1,150 per share as per a CNBC TV 18 report.
At the same time expecting demand for refining to be grim during the next two quarters, the company slashed FY21/FY22 EPS by 11% to 5%.
Also, the research house expects margin to remain poor from the retail category too.
In respect of the company's telecom arm Jio, Credit Suisse sees the tariff hike to be deferred to second half of the financial year 2020-21.
The stock trades 34% below its 52-week high price of Rs. 1617.80, the level reached on December 20, 2019.
At 11:54 am, the stock of RIL quoted higher by 5.12% at Rs. 1085.25 on the BSE.
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