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

RELIANCE INDUSTRIES LTD

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Banks, Reliance drag Indian shares lower; IT stocks surge on HCL outlook

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09/14/2020 | 07:43am EDT

BENGALURU, Sept 14 (Reuters) - India's main stock indexes snapped two sessions of gains to end a tad lower on Monday, dragged by banks and heavyweight Reliance Industries Ltd , although a rally in IT stocks after HCL Technologies raised its outlook capped losses.

The NSE Nifty 50 index closed 0.21% lower at 11,440.05, while the S&P BSE Sensex ended down 0.25% at 38,756.63.

Top private-sector lender HDFC Bank Ltd dropped 1.9% and was the biggest drag on the indexes, while ICICI Bank Ltd fell 1.8%. The Nifty Bank Index slid 1.7%.

"(The) market is in an over-bought zone, so sentiment is weak," said Rahul Sharma, market strategist and head of research at Equity99 markets, adding, there would be volatility in the coming sessions.

Buoyed by a flush of liquidity in global markets, India's main stock indexes have rallied more than 50% since a coronavirus-led selloff in March, even as domestic cases soared.

On Monday, however, the Nifty Smallcap 100 jumped 5.4% and the Nifty Midcap 50 Index rose 2.6% after the country's markets regulator said multi-cap funds must invest at least 25% each in large-cap, mid-cap and small-cap stocks.

IT firm HCL Technologies Ltd was the biggest percentage gainer on the Nifty, jumping 10.2% to a record high after it upgraded revenue and operating margin outlook for the September quarter.

It gave a fillip to IT stocks, pushing the Nifty IT index 4.7% higher to an all-time peak.

Reliance Industries ended 0.7% lower after hitting a record high earlier in the session, after local daily Mint reported that private equity firm Carlyle Group was looking to invest up to $2 billion in the conglomerate's retail business.

Investors are also awaiting August inflation data due later in the day, likely to have stayed above the central bank's medium-term target range for the fifth straight month, according to a Reuters poll. (Reporting by Chris Thomas and Chandini Monnappa in Bengaluru; editing by Uttaresh.V and Rashmi Aich)


Stocks mentioned in the article
ChangeLast1st jan.
HCL TECHNOLOGIES LIMITED 0.08% 846.55 Delayed Quote.49.23%
HDFC BANK LIMITED -2.01% 1210.9 End-of-day quote.-4.81%
ICICI BANK LIMITED 0.96% 408.7 Delayed Quote.-24.95%
NIFTY 50 0.61% 11833.75 Delayed Quote.-1.96%
NIFTY BANK -0.02% 24487.1 Delayed Quote.-23.89%
NIFTY IT 0.51% 20997.8 Delayed Quote.37.51%
RELIANCE INDUSTRIES LTD -0.50% 2018.6 Delayed Quote.35.29%
SENSEX 30 -1.33% 40145.5 Real-time Quote.-2.69%
THE CARLYLE GROUP INC. -4.41% 26.25 Delayed Quote.-18.17%
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Financials
Sales 2021 5 353 B 72 379 M 72 379 M
Net income 2021 414 B 5 595 M 5 595 M
Net Debt 2021 957 B 12 937 M 12 937 M
P/E ratio 2021 31,7x
Yield 2021 0,32%
Capitalization 12 883 B 174 B 174 B
EV / Sales 2021 2,59x
EV / Sales 2022 1,94x
Nbr of Employees 195 618
Free-Float 50,9%
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Technical analysis trends RELIANCE INDUSTRIES LTD
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 2 188,14 INR
Last Close Price 2 029,10 INR
Spread / Highest target 23,2%
Spread / Average Target 7,84%
Spread / Lowest Target -34,9%
EPS Revisions
Managers
NameTitle
Mukesh Dhirubhai Ambani Chairman & Managing Director
Srikanth Venkatachari Joint Chief Financial Officer
Alok Agarwal Joint Chief Financial Officer
Nikhil Rasiklal Meswani Executive Director
Hital Rasiklal Meswani Executive Director
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