Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

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

RELIANCE INDUSTRIES LTD

(RELIANCE)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

India will not mandate secondary listings for firms joining overseas markets, sources say

share with twitter share with LinkedIn share with facebook
10/15/2020 | 06:46am EDT

* India preparing rules for firms to directly list abroad

* Concerns had grown India would force firms to list at home later

* India has decided not to mandate secondary listing, say sources

* It is weighing seven nations for overseas listing, source says (Adds details, source comments; paragraphs 7-11)

NEW DELHI, Oct 15 (Reuters) - India has decided not to mandate secondary listings for domestic firms that float shares on a foreign stock exchange as it prepares to announce a new policy within weeks, two senior government sources and two industry executives told Reuters.

India is close to drawing up rules for companies to directly float overseas without first having to list shares at home, as a way to help startups attain higher valuations and access capital more easily.

But concerns grew after officials privately told global investors and companies in meetings they were considering mandating a secondary listing for Indian firms on domestic exchanges, as a way of ensuring investors and markets prospered, Reuters has reported.

Asked about the proposal, a top government official directly involved in the discussion said there would be no mandatory requirement of a secondary listing, however.

"We will not mandate (secondary) India listing," the official said on Thursday, without explaining why the government changed its stance. The official sought anonymity as the discussions were private.

The finance ministry and capital markets regulator SEBI did not immediately respond to a request for comment.

The new policy could be a shot in the arm for Indian unicorn start-ups valued at more than $1 billion and the digital unit of conglomerate Reliance, which is eyeing a U.S. listing after raising more than $20 billion from investors such as KKR & Co.

Japan's SoftBank and an Indian payment firm it backs, Paytm, as well as Reliance and U.S.-based Sequoia Capital had told the government the secondary listing provision risked splitting trading volumes, hurting long-term valuations and raising compliance needs and costs, sources had said.

A second person familiar with the discussions said there would be no public consultation on the rules, which will be issued within 2 to 3 weeks.

The second person added that India was considering allowing foreign listings in seven countries initially, among them Britain, Canada, Switzerland and the United States.

The London Stock Exchange, which is tracking India's policy change closely, has told Reuters it has been in talks with several Indian tech firms on overseas listings. (Reporting by Aftab Ahmed, Aditya Kalra and Aditi Shah in New Delhi; Editing by Clarence Fernandez)


Stocks mentioned in the article
ChangeLast1st jan.
KKR & CO. INC. -1.89% 35.81 Delayed Quote.22.76%
LONDON STOCK EXCHANGE PLC -1.08% 8452 Delayed Quote.10.27%
RELIANCE INDUSTRIES LTD -1.02% 2015 Delayed Quote.35.65%
SOFTBANK GROUP CORP. 0.33% 6911 End-of-day quote.45.31%
share with twitter share with LinkedIn share with facebook
All news about RELIANCE INDUSTRIES LTD
02:28aTata Group to buy majority stake in BigBasket for about $1 billion - Economic..
RE
10/26EXCLUSIVE : In fight with Amazon, India's Future Retail sees liquidation if Reli..
RE
10/26India's Future Retail says examining order against Reliance deal
RE
10/26RELIANCE INDUSTRIES : Notice of Board Meeting scheduled to be held on October 30..
PU
10/25India's Future Retail says examining order against Reliance deal
RE
10/25RELIANCE INDUSTRIES : Media Statement by Reliance Retail Ventures Limited
PU
10/23RELIANCE INDUSTRIES : Re-payment of amount due to the holders of Commercial Pape..
PU
10/23India's refinery processing limps to six-month peak
RE
10/23RELIANCE INDUSTRIES : Notice of Board Meeting scheduled on October 30, 2020
PU
10/23Flipkart to buy 8% stake in Aditya Birla's fashion unit for $204 million
RE
More news
Financials
Sales 2021 5 353 B 72 566 M 72 566 M
Net income 2021 414 B 5 609 M 5 609 M
Net Debt 2021 957 B 12 971 M 12 971 M
P/E ratio 2021 31,8x
Yield 2021 0,32%
Capitalization 12 917 B 175 B 175 B
EV / Sales 2021 2,59x
EV / Sales 2022 1,92x
Nbr of Employees 195 618
Free-Float 50,9%
Chart RELIANCE INDUSTRIES LTD
Duration : Period :
Reliance Industries Ltd Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends RELIANCE INDUSTRIES LTD
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 2 188,14 INR
Last Close Price 2 034,50 INR
Spread / Highest target 22,9%
Spread / Average Target 7,55%
Spread / Lowest Target -35,1%
EPS Revisions
Managers
NameTitle
Mukesh Dhirubhai Ambani Chairman & Managing Director
Srikanth Venkatachari Joint Chief Financial Officer
Alok Agarwal Joint Chief Financial Officer
Nikhil Rasiklal Meswani Executive Director
Hital Rasiklal Meswani Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
RELIANCE INDUSTRIES LTD35.65%175 386
EXXON MOBIL CORPORATION-52.97%141 012
CHINA PETROLEUM & CHEMICAL CORPORATION-33.05%66 059
BP PLC-58.49%52 761
NESTE OYJ53.06%43 083
PTT-27.27%29 458