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Morgan Stanley has a price target of ₹1,606 on the stock, which implies a potential upside of 30% from Wednesday’s closing levels.
It mentioned that Reliance Industries (RIL) had signed an agreement with the Central Government to build 10 GWh battery capacity with production-linked incentives (PLIs) of around $400 million.
This has been in the work since last year, but the announcement highlights the execution of Reliance Industries’ new energy plan, the brokerage said.
The contract is part of government initiatives to get domestic manufacturing for a new energy supply chain developed in India, it added.
The agreement for 10 GWh capacity under the PLI initiative for the advanced chemistry cell (ACC) scheme was signed between RIL subsidy Reliance New Energy Battery and the Ministry of Heavy Industries.
The National Programme on Advanced Chemistry Cell (ACC) Battery Storage scheme was approved by the Union Cabinet in May 2021. The total allocation for the programme was ₹18,100 crore. The scheme is aimed at achieving a total manufacturing capacity of 50 GWh.
With the latest agreement with Reliance New Energy Battery Ltd, a cumulative capacity of 40 GWh has been awarded to four selected beneficiary firms. In the first round of bidding conducted in March 2022, three beneficiary firms were allocated a total capacity of 30 GWh, according to the ministry.
Out of the 38 analysts that have coverage on Reliance Industries, 34 of them have a “buy” rating, three say “sell”, while the other one has a “hold” rating on the stock.
Shares of Reliance Industries gained 0.96% to hit an intraday high of ₹1,239.2 apiece. It was trading 0.75% higher at ₹1,236.6 per share at 10.55 am. The stock is down 15.94% in the past year.
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