“Retains 'Overweight' rating on Reliance Industries (RIL) with a price target of ₹1,625 per share. Bullish outlook is driven by potential positive surprises in the Oil-To-Chemicals business EBITDA, accelerated growth in the retail segment attracting higher multiples, and further valuation crystallization in renewable energy. Expects retail and O2C businesses to perform well in the December quarter.”