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Buy Reliance Industries, target price Rs 2,900: Motilal Oswal Financial Services

Motilal Oswal Financial Services has a ‘buy’ call on Reliance Industries at Rs 2,413 for a target price of Rs 2,900. Following Bharti Airtel and Vodafone Idea, Reliance Jio finally took a 20 percent tariff hike, the brokerage said. 

“The success of JioPhone, JioFiber and new digital investments should offer steady growth opportunities. We expect revenue CAGR of 10 percent and EBITDA growth of 16 percent over FY21–24E on the back of an eight percent subscriber CAGR over FY21–24E,” Motilal Oswal Financial Services said. 

Reliance Retail’s consistent performance over the last 4-5 years has been stellar and offers huge scope of growth given its strong growth of an over 25 percent CAGR, enhanced digital capabilities in JioMart and Ajio, among others, and new businesses/verticals, according to the brokerage. 

Disclaimer: Network18, the parent company of, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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