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    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

(RELIANCE)
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Indian shares fall on China border tensions, broader weakness

09/08/2020 | 06:36am EDT

BENGALURU, Sept 8 (Reuters) - Indian shares ended lower on Tuesday as a fresh flare-up at the country's disputed border with China dampened investor sentiment, with the market also tracking weakness in global peers on doubts about a recovery in tech stocks.

The blue-chip NSE Nifty 50 index closed 0.33% lower at 11,317.35, while the benchmark S&P BSE Sensex closed down 0.14% at 38,365.35.

India and China accused each other of firing in the air during a new confrontation on their border in the western Himalayas, further escalating military tension between the nuclear-armed nations.

Adding to the negative news, a domestic arm of ratings agency Fitch said India's economy is projected to contract 11.8% on the year in the current fiscal year.

The economy shrank 23.9% in quarter ended June, the worst quarterly performance among all major economies globally.

The Mint newspaper said https://bit.ly/2R8cnuI on Monday a second round of stimulus measures for the Indian economy was on the table.

World stocks also fell on Tuesday, with Nasdaq futures down about 2% as U.S. technology stocks looked set to deepen a selloff from last week.

In domestic trading, the Nifty bank index ended 0.87% lower, with Axis Bank Ltd and Kotak Mahindra Bank Ltd among the top drags on the Nifty 50.

The Reserve Bank of India on Monday outlined guidelines for restructuring loans for Indian banks, as the sector braces for a surge in bad loans amid the COVID-19 crisis.

Conglomerate Reliance Industries was the top boost to the Nifty, closing up about 1%.

Media reports said the Mukesh Ambani-controlled firm was in talks with companies such as Facebook Inc and private equity firms Silver Lake and KKR to invest in its retail arm. (https://bit.ly/327kw94) (Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Aditya Soni)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AXIS BANK LIMITED 0.98% 816.9 End-of-day quote.31.68%
FACEBOOK INC -5.05% 324.61 Delayed Quote.18.84%
KOTAK MAHINDRA BANK LIMITED 1.19% 2171.15 End-of-day quote.8.81%
NIFTY 50 -0.35% 18114.9 Delayed Quote.29.56%
RELIANCE INDUSTRIES LTD 0.19% 2627.4 Delayed Quote.32.34%
SENSEX 30 -0.17% 60821.62 Real-time Quote.27.58%
SILVER 0.65% 24.3 Delayed Quote.-8.32%
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Analyst Recommendations on RELIANCE INDUSTRIES LTD
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Financials
Sales 2022 6 820 B 90 960 M 90 960 M
Net income 2022 599 B 7 993 M 7 993 M
Net Debt 2022 230 B 3 062 M 3 062 M
P/E ratio 2022 28,7x
Yield 2022 0,29%
Capitalization 16 699 B 223 B 223 B
EV / Sales 2022 2,48x
EV / Sales 2023 2,15x
Nbr of Employees 236 334
Free-Float 50,4%
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Reliance Industries Ltd Technical Analysis Chart | RELIANCE | INE002A01018 | MarketScreener
Technical analysis trends RELIANCE INDUSTRIES LTD
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 31
Last Close Price 2 627,40 INR
Average target price 2 442,47 INR
Spread / Average Target -7,04%
EPS Revisions
Managers and Directors
Mukesh Dhirubhai Ambani Chairman & Managing Director
Srikanth Venkatachari Joint Chief Financial Officer
Alok Agarwal Joint Chief Financial Officer
K. Sethuraman Group Secretary & Chief Compliance Officer
Savithri Parekh Joint Secretary & Compliance Officer
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