JP Morgan Maintains Overweight on Reliance, PT Down to $345 from $350.

JP Morgan Maintains Overweight on Reliance, PT Down to $345 from $350.

In a recent update, JP Morgan has maintained its overweight rating on Reliance Industries Limited (RELI), but has lowered its price target (PT) to $345 from the previous $350. This decision comes amidst a series of developments within the company, including the arrest of Reliance Power CFO Ashok Pal in a money-laundering case and the addition of XRP to the company's Digital Asset Treasury (DAT).

The arrest of Ashok Pal, who is a close aide of industrialist Anil Ambani, has sparked significant interest in the financial community. The Enforcement Directorate (ED) has accused Pal of playing a crucial role in diverting funds and concealing a forged bank guarantee worth Rs 68 crore. Reliance Power has stated that it is a victim of fraud and forgery, and has claimed that the company acted in a bonafide manner. This incident underscores the ongoing probe into alleged fraud and forgery involving Reliance ADA Group firms and several bank officials Money laundering case: ED arrests Reliance Power CFO Ashok Pal^[1].

In a separate development, Reliance Global Group has added XRP to its Digital Asset Treasury (DAT). This move has garnered attention from the crypto community, with Bill Morgan, a well-known Ripple advocate, highlighting the filing on X. The company's SEC filing indicates a strategic shift towards building a diversified crypto portfolio focused on assets with strong fundamentals and real-world utility. Reliance's addition of XRP to its treasury reflects its commitment to innovation and secure custody, aligning with its broader strategy to modernize financial services Ripple Advocate Bill Morgan Highlights Reliance’s $17M XRP Investment^[2].

These developments come at a time when investors are closely watching Reliance Industries' Q2FY26 earnings, scheduled to be announced between October 13 and 18, 2025. Alongside Reliance, over 200 companies are set to report their quarterly results, including major tech firms and industry leaders such as HCLTech and Wipro. Investors will be keen to assess the impact of these recent events on Reliance's financial performance Q2 Results This Week: Reliance, Infosys, HDFC Bank, ICICI, Wipro, HCLTech & 200+ Companies to Announce Earning^[3].

In conclusion, while JP Morgan's decision to maintain an overweight rating on Reliance despite lowering its PT indicates a cautious optimism, the recent developments highlight the need for investors to closely monitor the company's ongoing legal and strategic initiatives. The financial landscape for Reliance remains complex, with potential risks and opportunities emerging from both internal and external factors.