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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  Reliance Industries Ltd    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

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Indian shares rise after finance minister's remarks on stimulus

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05/20/2020 | 01:19am EDT

By Sachin Ravikumar

BENGALURU, May 20 (Reuters) - Indian shares rose on Wednesday, led by Reliance and ITC, as the country's finance minister suggested she would not rule out further stimulus measures to aid an economic recovery, following poor reaction to an already announced package.

Indian stocks have fallen sharply in recent sessions as investors viewed the government's economic package as doing little to boost demand to revive an economy hit by the COVID-19 pandemic.

Finance Minister Nirmala Sitharaman said the government would assess the need for further economic measures as the situation evolves, according to interviews to three local financial dailies published on Wednesday.

"As we go along, we will see. We cannot shut the doors," she told the Business Standard newspaper, when asked if there would be another economic package.

Coronavirus infections in India continued to rise steadily, reaching 106,750 as of Wednesday - a jump of more than 5,600 from the day before - with deaths crossing 3,300.

India has been under a two-month lockdown to curb the spread of the virus, which has hit the incomes of millions and starved companies of several weeks' worth of revenues, dampening the growth outlook for Asia's third largest economy.

"With the stimulus package lacking measures to boost demand and protect employment, India is staring a deep recession in the face," said Kunal Kundu, India economist at Societe Generale in Bengaluru.

The Nifty 50 was up 0.77% at 8,947.50 by 0500 GMT, while the S&P BSE Sensex was up 0.78% at 30,430.65.

Shares in Reliance Industries Ltd led the gains rising 1.8%. The oil-to-telecoms conglomerate's rights issue, the country's biggest, began on Wednesday.

Consumer goods giant ITC Ltd rose more than 3% to a two-week high, while construction firm Larsen & Toubro Ltd gained 2.8%. (Reporting by Sachin Ravikumar; Editing by Shounak Dasgupta)

Stocks mentioned in the article
ChangeLast1st jan.
ITC LIMITED 3.51% 197.35 End-of-day quote.-16.98%
LARSEN & TOUBRO LIMITED 3.24% 932.3 End-of-day quote.-28.23%
LONDON BRENT OIL 6.55% 37.34 Delayed Quote.-48.18%
RELIANCE INDUSTRIES LTD -0.53% 1464.4 End-of-day quote.-3.28%
SENSEX 30 0.69% 32424.1 Real-time Quote.-21.95%
WTI 4.69% 34.998 Delayed Quote.-48.27%
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Financials
Sales 2021 5 555 B 73 485 M 73 485 M
Net income 2021 436 B 5 765 M 5 765 M
Net Debt 2021 1 771 B 23 428 M 23 428 M
P/E ratio 2021 21,2x
Yield 2021 0,45%
Capitalization 8 679 B 115 B 115 B
EV / Sales 2020
EV / Sales 2021 1,88x
Nbr of Employees 194 056
Free-Float 47,9%
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 1 605,27 INR
Last Close Price 1 464,40 INR
Spread / Highest target 29,7%
Spread / Average Target 9,62%
Spread / Lowest Target -21,5%
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Managers
NameTitle
Mukesh Dhirubhai Ambani Chairman & Managing Director
Srikanth Venkatachari Joint Chief Financial Officer
Alok Agarwal Chief Financial Officer
Nikhil Rasiklal Meswani Executive Director
Hital Rasiklal Meswani Executive Director
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