Brokerages raise Reliance target price up to Rs 3,580 after Jio announces tariff hikes

Mukesh Ambani-owned Reliance Industries’ telecom firm Jio has raised the pricing of its prepaid and postpaid plans. Global brokerages like Morgan Stanley and Jefferies see upside potential of up to 15% in Reliance’s stock as they are positive on the company’s future outlook following the update.

The tariff hikes were largely in line with the market’s expectations. However, Jio taking the lead in raising tariffs and shifting focus to improving returns on investments, is a sentimental positive, according to the brokerages.