Macquarie has maintained a "Neutral" rating on Reliance Industries (RIL) with a target price of Rs 2,750. The firm views the New Energy business as a key driver for future growth and value creation. Progress in other areas like 5G, home broadband, media, retail, and O2C was largely seen as consistent with prior expectations. While New Energy ambitions are seen as supportive of long-term growth, they need to be de-risked.
