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    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

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Indian shares drop for fifth day as Fed anxiety grows

01/24/2022 | 06:01am EDT
A man walks past the Bombay Stock Exchange (BSE) building in Mumbai

BENGALURU, Jan 24 (Reuters) - Indian shares ended in the red for a fifth straight session on Monday, with metals and IT stocks dragging the most, as investor worries ballooned over possibilities of a quicker rate hike from the U.S. Federal Reserve.

The blue-chip NSE Nifty 50 index dropped 2.66% to 17,149.1, while the S&P BSE Sensex slid 2.62% to 57,491.51, both marking their worst day since Nov. 26.

The indexes fell as much as 3.5% earlier in the session, before settling at their lowest levels since late December. They shed more than 3% last week amid heavy foreign investor selling.

"With Indian markets closed on Wednesday, investors are likely positioning themselves for a hawkish Fed," said Amish Shah, head of research, BofA Securities India.

"Higher interest rates would mean the cost of equity assumption for valuing stocks goes up, and it could also lead to outflows from risky assets like emerging market equities to safer U.S. Treasury bonds."

Foreign investors are net sellers so far this month, having offloaded shares worth a net $1.18 billion.

The Fed at its meeting is expected to confirm it will soon start draining the massive pool of liquidity that has supercharged growth stocks in recent years.

Also weakening global markets on Monday was the prospect of a Russian attack on Ukraine.

In Mumbai, the Nifty Realty and Nifty Metal indexes sank 5.9% and 5.2%, respectively.

The Nifty IT sub-index slid 3.4% and marked its sixth straight session of losses.

Food delivery platform Zomato tumbled 19.6%, while online retailer Nykaa lost 13.1%, as analysts cited expensive valuations for the two firms that saw stellar market debuts last year.

Shares of oil-to-retail conglomerate Reliance Industries dropped 4%, despite the company reporting a better-than-expected jump in third-quarter profit on Friday.

Shares of JSW Steel fell 6.7% after the company's quarterly net profit missed analysts' estimates. (Reporting by Chris Thomas in Bengaluru; additional reporting by Gaurav Dogra; Editing by Ramakrishnan M.)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.02% 0.7104 Delayed Quote.-2.40%
BRITISH POUND / US DOLLAR (GBP/USD) -0.08% 1.2535 Delayed Quote.-7.11%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.12% 0.7788 Delayed Quote.-1.14%
EURO / US DOLLAR (EUR/USD) -0.25% 1.07069 Delayed Quote.-6.03%
FSN E-COMMERCE VENTURES LIMITED -0.93% 1387.4 Delayed Quote.-33.38%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.02% 0.012905 Delayed Quote.-3.95%
JSW STEEL LIMITED -1.47% 539.55 End-of-day quote.-17.74%
LONDON BRENT OIL 0.32% 114.35 Delayed Quote.44.68%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.81% 0.64994 Delayed Quote.-5.73%
NIFTY 50 0.11% 16142.8 Delayed Quote.-6.57%
NIFTY IT 1.01% 27875.85 Delayed Quote.-24.86%
RELIANCE INDUSTRIES LTD 0.61% 2632 Delayed Quote.10.46%
SENSEX 30 -0.43% 54052.61 Real-time Quote.-7.21%
WTI 0.16% 110.633 Delayed Quote.46.38%
ZOMATO LIMITED -1.62% 63.95 Delayed Quote.-52.73%
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Financials
Sales 2022 7 033 B 90 693 M 90 693 M
Net income 2022 609 B 7 853 M 7 853 M
Net Debt 2022 1 387 B 17 891 M 17 891 M
P/E ratio 2022 28,6x
Yield 2022 0,32%
Capitalization 16 616 B 214 B 214 B
EV / Sales 2022 2,56x
EV / Sales 2023 2,03x
Nbr of Employees 236 334
Free-Float 50,3%
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Mean consensus OUTPERFORM
Number of Analysts 33
Last Close Price 2 615,85 INR
Average target price 2 815,76 INR
Spread / Average Target 7,64%
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Managers and Directors
Mukesh Dhirubhai Ambani Chairman & Managing Director
Srikanth Venkatachari Joint Chief Financial Officer
Alok Agarwal Joint Chief Financial Officer
Savithri Parekh Secretary & Compliance Officer
Dipak Chand Jain Independent Non-Executive Director
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