We continue to maintain our BUY recommendation on the stock with an SOTP-based Target Price of Rs 370 (from Rs355 earlier) valuing parent at 1.7x FY19 Adj. BV implying standalone value at Rs 313 and subsidiaries at Rs57 after 15% holding company discount.
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About Reliance Securities
Reliance Securities, the broking arm of Reliance Capital, is one of the India’s leading retail broking houses, providing customers with access to equities, derivatives, currency, IPOs, mutual funds, bonds, and corporate FDs amongst others. The large array of financial offerings helps customers fulfilling their investment objectives on one platform. Focus on timely & error-free execution represents its core strength. Their best in class research offerings, high degree of compliance with stock exchange regulations, ethical business standards, & strong risk management capabilities; Reliance Securities positions itself amongst strong & innovative brands in the financial services space.
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