“Maintains a buy rating on Reliance Industries with a target price of ₹1,660, implying a potential upside of 30.6% from current levels. The brokerage believes a re-rating of Reliance’s O2C segment towards 8-9 times EV/Ebitda is justified, driven by the valuation benchmark set by the upcoming listing of Dangote Petroleum Refinery, which highlights a significant valuation gap for Reliance's more complex Jamnagar complex.”