India's Reliance Industries sees best day in over a month

JM Financial

05/03/2026 10:10

Updates to closing levels

** Shares of India's Reliance Industries RELI.NS closes up 3% at 1,386 rupees, snapping three-day losing run

** RELI records best day in over a month

** RELI lost nearly 4.5% in the last three sessions amid broad-based selling over Middle East war

** Brokerage JM Financial ("Buy", PT at 1730 rupees) says the recent correction in RELI's stock price is overdone

** Says RELI could see near-term benefits due to a jump in diesel crack on account of supply disruption risk and likely rise in petchem margin

** Adds spike in crude/LNG prices doesn't hit the co's O2C (oil-to-chemicals) business

** RELI rated "buy" on average by 34 analysts; median PT at 1,702 rupees - data compiled by LSEG

** YTD, RELI down ~12%

(Reporting by Komal Salecha in Bengaluru)

((Komal@thomsonreuters.com))