RIL stock drops 13% in less than 3 months; room for bulls in long-term, brokerage gives 'high-conviction' buy3 min read 29 Mar 2023, 06:28 PM IST
Worries on high CAPEX and mounting debt has made investors bearish in RIL shares so far in the current year. However, long-term growth prospects for RIL is robust and brokerage has given a ‘high-conviction Buy’ rating.
Heavyweight Reliance Industries (RIL) was among the top underperformers on Wednesday. In fact, RIL has seen a downward slope in overall year-to-date performance. The recent drop in RIL shares is attributed to concerns over high CAPEX and resultant rising debt. However, with significant correction in RIL shares, there is more room for bulls. Despite the near-term worry, brokerage JM Financial gives "high-conviction BUY" on RIL due to the conglomerate's industry-leading capabilities across businesses. Long-term growth prospects in RIL is robust!
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