Highlights

  • MS target price on Reliance shares at Rs 3,253
  • Reliance shares trade at an all-time high level

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Reliance shares at all time high; Morgan Stanley bets bigger

Hydrogen adoption plans are quickly progressing, with RIL best positioned to capitalize.

Reliance shareholders are cheering the green on their portfolio as the stock nears record high, and brokerages feel their is much more upside for the Mukesh Ambani backed scrip.

Morgan Stanley who recently added the stock to it's Asia focus list has raised its target price on the stock from Rs 2,926 to Rs 3,253.

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The research firm in a report said, "as the world retools the way it produces and uses energy, and as energy security takes center-stage, green hydrogen is gaining attention. Hydrogen adoption plans are quickly progressing, with RIL best positioned to capitalize. The energy upcycle should help fund its growth and lift multiples."

"As the green hydrogen ecosystem is rolled out, it will also raise demand for RIL's solar panels. To put things in perspective, India's 2030 hydrogen production target would absorb the entire 100-gigawatt cumulative panel capacity that RIL plans to achieve," MS mentioned in its report.

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Reliance is also enjoying refining margins that are now clocking in at 5 year highs as per reports. Analysts at JP Morgan observed recently the sharp surge in diesel cracks would boost refining profits for the company while offsetting the weaknesses in the petrochemicals business. Goldman Sachs wrote that refining tailwinds should sustain given the improved supply, demand from closures and from jet fuel, lower Chinese exports, low inventory and also supply disruption.

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