Hot stocks: Brokerage view on RIL, M&M, ICICI Bank, Ambuja Cements and IndiGo

Jefferies reaffirmed a ‘buy’ rating on RIL (Reliance Industries Limited) with a target price of Rs 3,580. They foresee the possibility of Jio, RIL’s subsidiary, going public in calendar year 2025. According to Jefferies, choosing the IPO route could offer better control, although it would require significant retail participation to overcome the holdco discount.