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    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

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Indian shares decline as Reliance drags; Paytm slides

11/22/2021 | 01:02am EDT

BENGALURU, Nov 22 (Reuters) - Indian shares slipped on Monday as market heavyweight Reliance Industries saw its worst day in 10 months, leading energy stocks lower, and the return of COVID-19 restrictions in Europe weighed on investor sentiment.

The blue-chip NSE Nifty 50 index fell 1.13% to 17,564.10, while the benchmark S&P BSE Sensex fell 1.15% to 58,959.15 by 0534 GMT.

Shares of Mukesh Ambani-led Reliance Industries fell as much as 4.18% to its lowest level in over two months, after the company said last week it had decided with Saudi Aramco to reevaluate a proposed $15 billion stake sale in its oil-to-chemicals arm to the Saudi oil producer.

The Nifty Energy Index declined as much as 2.1%, led by losses in Reliance.

"Reliance shares are mainly driving the indexes down," said Kshitij Purohit, senior manager at CapitalVia Global Research Limited.

However, the halt in the stake sale is unlikely to impact Reliance, which has other factors working in its favour, including a sharp recovery in refining margins, a possible hike in telecom prices and a strong retail business, according to Sumit Pokharna, VP Research at Kotak Securities.

Shares of Paytm fell as much as 12.9% in their second day of trading despite positive Q2 data. The digital payments start-up made one of the worst major stock market debuts in India on Thursday.

Major auto stocks, including Tata Motors, Bharat Forge and Bosch Ltd were down over 3% each, as concerns over chip supply shortage continued, according analysts.

Shares of Bharti Airtel rose 5.82% to a record high, after the telecom major announced tariff hikes effective Nov. 26.

Investors did not immediately react to India's move last week to repeal three agriculture laws that farmers have been protesting against for over a year.

CapitalVia's Purohit said he foresees some impact on agricultural and fertiliser stocks. (Reporting by Vishwadha Chander in Bengaluru; Editing by Subhranshu Sahu and Shailesh Kuber)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BHARAT FORGE LIMITED -4.19% 661.2 End-of-day quote.-5.26%
BHARTI AIRTEL LIMITED -3.24% 673.5 End-of-day quote.-1.51%
BOSCH LIMITED -5.59% 13392.45 End-of-day quote.-22.62%
LONDON BRENT OIL -0.33% 111.1 Delayed Quote.44.70%
NIFTY 50 -2.65% 15809.4 Delayed Quote.-6.42%
ONE97 COMMUNICATIONS LIMITED -5.86% 553.75 Delayed Quote.-55.93%
RELIANCE INDUSTRIES LTD -2.30% 2479.85 Delayed Quote.7.19%
SENSEX 30 -2.61% 52792.23 Real-time Quote.-9.38%
TATA MOTORS LIMITED -3.94% 398.75 End-of-day quote.-17.33%
WTI -0.49% 108.655 Delayed Quote.50.98%
All news about RELIANCE INDUSTRIES LTD
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Financials
Sales 2022 7 033 B 90 782 M 90 782 M
Net income 2022 609 B 7 860 M 7 860 M
Net Debt 2022 1 387 B 17 908 M 17 908 M
P/E ratio 2022 27,1x
Yield 2022 0,33%
Capitalization 15 752 B 203 B 203 B
EV / Sales 2022 2,44x
EV / Sales 2023 1,94x
Nbr of Employees 236 334
Free-Float 50,3%
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Mean consensus OUTPERFORM
Number of Analysts 33
Last Close Price 2 479,85 INR
Average target price 2 812,73 INR
Spread / Average Target 13,4%
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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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