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    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

(RELIANCE)
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Indian shares close at record high as metals rally, Reliance jumps

08/16/2021 | 06:37am EDT

BENGALURU, Aug 16 (Reuters) - Indian shares extended their record-high closing streak to a third day on Monday, driven by a Tata Steel-led rally in metal stocks, and as Reliance Industries rose after a report said it was in advanced talks to sell stake in the company.

The blue-chip NSE Nifty 50 index ended up 0.21% at 16,563.05 and the benchmark S&P BSE Sensex rose 0.26% to 55,582.58.

Shares of Reliance rose 1.3% after Bloomberg News reported Saudi Aramco was in advanced talks to acquire a 20% stake in the Indian conglomerate's oil refining and chemicals business for about $20 billion to $25 billion in Aramco's shares.

The Nifty energy index settled up 0.55% during the session.

The Nifty Metal index ended 1.5% higher, led by Tata Steel that hit a record high of 1534.5 rupees.

The steelmaker last week reported a consolidated net profit of 97.68 billion rupees ($1.32 billion) in the June quarter, compared with a loss of 46.48 billion rupees a year earlier. Brokerages also raised their target prices on the company's expectations for better realisations in both India and Europe.

Hindustan Zinc, which ended up 3.1%, and Vedanta , which rose 2.4%, were the other top gainers in the sector.

"Metal has seen a lot of action the past few weeks, and there are a lot of triggers for that, the most important of them being a demand revival across the board, whether it is raw material or real estate," said Gaurav Garg, head of research at CapitalVia Global Research.

Global shares slid on Monday after a raft of Chinese economic indicators showed a sharp slowdown in the engine of global growth. ($1 = 74.2660 Indian rupees) (Reporting by Vishwadha Chander in Bengaluru; editing by Vinay Dwivedi)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HINDUSTAN ZINC LIMITED -2.56% 359.7 End-of-day quote.50.57%
MINDTREE LIMITED 0.68% 4779.95 Delayed Quote.185.94%
OIL AND NATURAL GAS CORPORATION LIMITED -2.33% 154.9 Delayed Quote.70.45%
RELIANCE INDUSTRIES LTD -1.15% 2700.4 Delayed Quote.37.60%
SAUDI ARABIAN OIL COMPANY -0.13% 37.4 End-of-day quote.6.86%
TATA STEEL LIMITED -1.80% 1342.75 End-of-day quote.108.65%
VEDANTA LIMITED -3.99% 356.25 Delayed Quote.129.89%
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Financials
Sales 2022 6 610 B 88 341 M 88 341 M
Net income 2022 576 B 7 701 M 7 701 M
Net Debt 2022 230 B 3 068 M 3 068 M
P/E ratio 2022 31,3x
Yield 2022 0,30%
Capitalization 17 163 B 229 B 229 B
EV / Sales 2022 2,63x
EV / Sales 2023 2,21x
Nbr of Employees 236 334
Free-Float 50,4%
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Technical analysis trends RELIANCE INDUSTRIES LTD
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Mean consensus OUTPERFORM
Number of Analysts 31
Last Close Price 2 700,40 INR
Average target price 2 442,47 INR
Spread / Average Target -9,55%
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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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