Accumulate Reliance Ind CMP (Rs.) 2,306 Target (Rs.) 2,543 Upside (%) 10.3
Rationale: Reliance Industries Ltd. (RIL) is India’s largest company with a dominant presence in Refining, Petrochemicals, Telecom and Retail businesses. Telecom business to witness robust growth over next few years due to tariff hikes and shift of subscribers from Vodafone Idea to other telecom players.