India's Reliance eyes best 2-day gain in 1 year on Macquarie upgrade to 'outperform'

Reliance Chemotex Industries

07/03/2025 06:12

** India's Reliance Industries RELI.NS climbs 3%, extending 2-day gains to 6.7%

** Stock set for best 2-day rise since late Jan 2024, also set for third straight gaining session

** Macquarie upgrades RELI to "Outperform" from "Neutral" and hikes PT to 1,500 rupees from 1,300 rupees

** Brokerage says upgrade triggered by "slew of favorable catalysts", including improving earnings momentum, potential listing of Jio and gradual commissioning of new energy capacities

** RELI rose 1.5% on Thursday as brokerages flagged attractive valuation after recent dip

** Stock hit more than 15-month low this week, down over 25% since hitting all-time high in July 2024

** Avg rating on RELI at "buy"; median PT is 1,559 rupees - LSEG data

** Session's gains erase stock's YTD losses; RELI up ~3% YTD

 (Reporting by Kashish Tandon in Bengaluru)

 ((Kashish.tandon@thomsonreuters.com))