CLSA Predicts 29% Upside for Reliance Industries Shares; Jio Listing Key Event

• CLSA raised its price target for Reliance Industries (RIL) shares to ₹1,800, implying a 29% upside from current levels.
• The brokerage firm highlights the potential listing of Jio by mid-2026 as a significant event for RIL this year.
• CLSA values RIL's telecom division, Jio, at an Enterprise Value of $161 billion by March 2027, using Free Cash Flow as a key metric.
• Despite the positive outlook for Jio, CLSA has reduced its valuations for RIL's new energy business and trimmed the retail business value.
• RIL reported ₹2.65 lakh crore revenue in the December quarter, driven by the O2C business, with 35 out of 37 analysts recommending a 'buy' rating.

Why It Matters: CLSA projects a 29% gain for Reliance Industries shares, citing Jio's potential listing as a major catalyst.