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    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

(RELIANCE)
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Delayed NSE India Stock Exchange  -  05/20 04:31:18 am EDT
2565.00 INR   +3.43%
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Indian shares end 2% lower as Reliance weighs; banks, auto, realty drag

11/22/2021 | 05:49am EDT
A woman walks past the Bombay Stock Exchange building in Mumbai

BENGALURU (Reuters) - Indian shares declined their most in seven months on Monday, dragged by heavyweight Reliance Industries, with losses in financial, auto and oil and gas shares pulling indexes further.

The blue-chip NSE Nifty 50 index ended down 1.96% at 17,416.55, while the benchmark S&P BSE Sensex declined 1.96% to 58,465.89. Both indexes hit their lowest levels since Sept. 13.

Billionaire Mukesh Ambani-led Reliance Industries fell as much as 4.94% to its lowest in over two months after it decided to halt a proposed $15-billion stake sale in its oil-to-chemicals business to Saudi Arabia's Aramco.

The conglomerate's shares ended Monday 4.43% lower, and dragged Nifty's Energy Index down 2.84%, with nearly all components on the sub-index ending the session down.

Oil prices came off seven-week lows, but were under pressure after Japan said it was weighing releasing oil reserves and as the COVID-19 situation in Europe worsened, raising concerns about both oversupply and weak demand. [O/R]

Among other shares and sectors, digital payments firm Paytm fell as much as 18.57% before ending down 12.8%, shaving off $7.75 billion from its market value since the dismal debut of India's biggest initial public offering last week.

"Subdued listing and continued weak trading of Paytm is a big sentimental setback to the domestic market," Vinod Nair, head of research at Geojit Financial Services, said in a note.

The Nifty public sector banks index ended down 4.5%, with Indian Bank and Union Bank of India among the top losers, down 10.3% and 6.50% respectively.

The auto and realty indexes were among other major losers, ending down 3.13% and 4.14% respectively.

Telecom stocks bucked the trend, led by Bharti Airtel, which rose to a record high and ended 3.85% up after the telecom major announced tariff hikes effective Nov. 26.

(Reporting by Vishwadha Chander in Bengaluru; Editing by Subhranshu Sahu, Shailesh Kuber and Uttaresh.V)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -0.06% 111.42 Delayed Quote.44.70%
NIFTY 50 2.56% 16206.7 Delayed Quote.-6.42%
NIFTY 500 2.23% 13848.3 Delayed Quote.-7.19%
OIL AND NATURAL GAS CORPORATION LIMITED 0.59% 160.9 Delayed Quote.12.36%
RELIANCE INDUSTRIES LTD 3.50% 2565 Delayed Quote.4.72%
S&P GSCI NATURAL GAS INDEX -2.92% 381.8242 Real-time Quote.126.68%
S&P GSCI PETROLEUM INDEX 0.31% 405.421 Real-time Quote.44.22%
SAUDI ARABIAN OIL COMPANY -2.33% 39.75 End-of-day quote.22.14%
SENSEX 30 -2.61% 52792.23 Real-time Quote.-9.38%
THE TATA POWER COMPANY LIMITED -3.91% 228.45 End-of-day quote.3.42%
WTI -0.07% 109.155 Delayed Quote.50.98%
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Financials
Sales 2022 7 033 B 90 782 M 90 782 M
Net income 2022 609 B 7 860 M 7 860 M
Net Debt 2022 1 387 B 17 908 M 17 908 M
P/E ratio 2022 27,1x
Yield 2022 0,33%
Capitalization 15 752 B 203 B 203 B
EV / Sales 2022 2,44x
EV / Sales 2023 1,94x
Nbr of Employees 236 334
Free-Float 50,3%
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Mean consensus OUTPERFORM
Number of Analysts 33
Last Close Price 2 479,85 INR
Average target price 2 812,73 INR
Spread / Average Target 13,4%
EPS Revisions
Managers and Directors
Mukesh Dhirubhai Ambani Chairman & Managing Director
Srikanth Venkatachari Joint Chief Financial Officer
Alok Agarwal Joint Chief Financial Officer
Savithri Parekh Secretary & Compliance Officer
Dipak Chand Jain Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
RELIANCE INDUSTRIES LTD4.72%203 322
EXXON MOBIL CORPORATION48.95%381 867
CHEVRON CORPORATION42.19%330 207
BP PLC24.87%101 112
CHINA PETROLEUM & CHEMICAL CORPORATION9.09%73 852
SUNCOR ENERGY INC.53.55%53 500