Global brokerage house HSBC has retained buy call on Reliance Industries, the oil-retail-to-telecom major, with a price target of Rs 1,500 per share, implying 12 percent potential upside from current levels.
The stock has been one of the biggest gainers in last one year among largecaps, rising 46 percent while in last three months, it gained 20 percent on the BSE.
Reliance is one of the largest companies in the organised retail market and it is the fastest-growing player in the grocery segment, HSBC said.
“We forecast the grocery business to grow at a 22 percent CAGR over the next three years,” it added.
The share of retail as well as telecom businesses to company’s total revenue has been increasing every quarter.
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