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    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

(RELIANCE)
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Indian shares fall over 1% as surging COVID-19 cases renew growth worries

03/25/2021 | 05:46am EDT
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai

BENGALURU (Reuters) - Indian shares closed sharply lower for a second straight session on Thursday, led by losses in energy and technology companies, due to renewed concerns over the impact of surging coronavirus cases on economic growth.

The blue-chip NSE Nifty 50 index and the benchmark S&P BSE Sensex each fell 1.5% to 14,324.90 and 48,440.12, respectively. The indexes had dropped nearly 2% in the previous session.

India's daily COVID-19 cases hit a five-month high on Thursday and the country put a temporary hold on all major exports of the AstraZeneca coronavirus shot made by the Serum Institute of India to meet domestic demand.

"Although the Indian gross domestic product has reverted to pre-covid levels in the third and fourth quarter, uncertainty related to the near-term outlook has risen considerably in the recent weeks, following the spate of new Covid-19 infections," Aditi Nayar, principal economist, ICRA said in a note.

"The uncertainty will persist over the next few months, until the vaccines become available in India for all adults."

India's central bank governor, Shaktikanta Das, called the increase in COVID-19 cases a "matter of concern", but said the country was better prepared to tackle the situation.

The Nifty energy index fell 2.9%, dragged down by a 2.7% fall in heavyweight Reliance Industries.

The Nifty information technology index fell 2.2%, led by a more than 1% drop in Infosys and Tata Consultancy Services.

Only six Nifty 50 stocks traded in the positive territory.

Shares of speciality chemicals maker Laxmi Organic Industries surged nearly 19% in their market debut in Mumbai, while those of engineering company Craftsman Automation dropped 8.8%.

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Vinay Dwivedi)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
RELIANCE INDUSTRIES LTD 0.99% 2058 Delayed Quote.2.62%
SENSEX 30 -0.26% 52443.71 Real-time Quote.9.83%
TATA CONSULTANCY SERVICES LTD. 0.18% 3206.85 Delayed Quote.11.70%
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Financials
Sales 2022 6 490 B 87 377 M 87 377 M
Net income 2022 588 B 7 915 M 7 915 M
Net cash 2022 245 B 3 303 M 3 303 M
P/E ratio 2022 23,8x
Yield 2022 0,39%
Capitalization 12 941 B 174 B 174 B
EV / Sales 2022 1,96x
EV / Sales 2023 1,65x
Nbr of Employees 236 334
Free-Float 53,5%
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Mean consensus OUTPERFORM
Number of Analysts 31
Last Close Price 2 037,35 INR
Average target price 2 233,16 INR
Spread / Average Target 9,61%
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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
K. Sethuraman Group Secretary & Chief Compliance Officer
Savithri Parekh Joint Secretary & Compliance Officer
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