Brokerages see up to 28% upside in Reliance after Jio IPO filing
Jefferies (TP Rs 1,675), Nomura (Rs 1,640) and Motilal (Rs 1,655) reiterated Buy on Reliance after Jio filed its DRHP. Jio valued at Rs 11-12 trillion with 524m subscribers; retail scaling into manufacturing/exports and new AI/energy engines flagged as growth drivers.
At Reliance's 49th AGM, brokerages Jefferies, Nomura and Motilal reiterated Buy ratings with up to 28% upside after Jio filed its IPO DRHP. Retail expanding into manufacturing/exports, RCPL scaling, and new AI/energy engines were highlighted.