In a report released after key announcements made by RIL chairman Mukesh Ambani at the company AGM on Monday, global brokerage Jefferies sees the company’s stock on an upward trajectory over a sustained recovery in GRM (gross refining margin), faster-than-expected tariff hikes in Jio, possible public listing of Jio and Reliance Retail surprising on market share gain and profitability. In a base case scenario, Jefferies expects the Reliance Industries’ stock at Rs 2,980 with the Ebitda growing at a CAGR of 19% and PAT at 9% over FY22-25E. In a report on Tuesday, the brokerage says that in a bull …
