Buy Reliance Industries, target price Rs 2900: JM Financial

JM Financial has a buy call on Reliance Industries with a target price of Rs 2900.0 as the key arguments against a re-rating are limited earnings-upgrade triggers for now and low visibility on event-based triggers in the near term. For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 219294 crore, with a net profit after tax of Rs 21296 crore. Promoters hold 50.41% stake in the company as of 31-Mar-2023, while FIIs owned 22.49% and DIIs 15.99%.