Goldman Sachs issued BUY rating on RIL with 12 months target stock price of Rs2,620

30th October 2009- Goldman Sachs issued BUY rating on RIL with 12 months target stock price of Rs2,620, implying upside of 31% from the current price. According to report, in future RIL revenues are likely to show strong growth going forward from stabilization/ramp-up of the new projects.

With refining cycle passing through trough, D-6 gas ramp-up on track and a likely petrochem trough in FY11E, Goldmach sees multiple growth drivers in the medium term for RIL. Moreover, it is also believed RIL has the room to pursue inorganic growth in its businesses, as no major projects lined up to consume more than US$20bn of excess cash flow for FY11E-14E after its committed capex.

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