BackRIL can become a $100 bn stock: Goldman Sachs
RIL can become a $100 bn stock: Goldman Sachs
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Mumbai: Goldman Sachs says Reliance Industries can potentially become a $100 billion stock by fiscal 2017 from its current market capitalization of around $46.6 billion.
Investor concerns such as returns from new capital spending or the cyclical downturn are already largely discounted, Goldman argues.
“Current share price is giving little credit to management for refocusing investment in core activities and its potential impact on cash returns, in our view," Goldman said in the note dated Thursday.
Goldman maintains its “buy" rating on the stock and raises its sum-of-the-parts target price to Rs936 from Rs870 to reflect improved refining and exploration and production valuations.
Reliance shares were last up 1.3% at ₹ 810.10 even as BSE Ltd’s benchmark Sensex fell 18.53 points to 17,710.97. Reuters
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