UBS on RIL Buy, TP Rs 3150 Q2 FY23 EBITDA to increase 19% YoY despite O2C earnings concerns Consumer biz share jumps to 49% of segment EBITDA Weakening margins & export taxes to drag O2C earnings Fundamentals remain strong; New Energy opportunities not priced in

Jefferies on RIL Buy, TP raised to Rs 3080 RIL’s green hydrogen foray is part of its Net Carbon Zero target by 2035 RIL’s strong b/s & backward integration puts it in driver’s seat in $74bn opportunity. RIL’s hydrogen biz is worth US$ 8bn (Rs 100/sh)