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    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

(RELIANCE)
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Indian shares erase gains as global inflation worries weigh

06/08/2021 | 02:14am EDT

BENGALURU, June 8 (Reuters) - Indian shares retreated from record highs on Tuesday, weighed down by losses in financials and energy stocks, as investors grew uneasy about high valuations and rising global inflation ahead of central bank meetings.

The blue-chip NSE Nifty 50 index fell 0.20% to 15,716.40 and the benchmark S&P BSE Sensex was down 0.18% at 52,243.87 by 0541 GMT.

The Nifty 50 has gained nearly 13% this year even as a second COVID-19 wave battered the country and economists cut growth projections, with investors focusing on a post-pandemic recovery.

"Markets are at slightly elevated valuations and seeing routine profit taking due to global inflation worries," said Anita Gandhi, director at Arihant Capital Markets.

Investors are awaiting U.S. inflation data due later this week for clarity on tapering of policy support from the Federal Reserve.

The European Central Bank is set to meet later this week where it is not expected to announce any changes to policy.

Top private-sector lender HDFC Bank Ltd and conglomerate Reliance Industries Ltd were among the top drags to the Nifty 50 index, falling 1% and 0.8%, respectively.

The Nifty PSU Bank Index, which tracks state-owned banks, fell 1.72% and the Nifty Bank Index was down 1.04%.

Losses were capped, however, as the government pledged to provide free COVID-19 vaccines to all adults, in an effort to rein in a pandemic that has killed hundreds of thousands.

Heavyweight software companies Infosys Ltd and Tata Consultancy Services Ltd gained 1.1% and 0.8%, respectively, lifting the Nifty IT index by 1.41%.

Daily COVID-19 cases in India have been on a downward trend since early May, with data from the health ministry on Tuesday showing 86,498 infections in the last 24 hours, the lowest in 66 days. (Reporting by Rama Venkat in Bengaluru; Editing by Sriraj Kalluvila and Devika Syamnath)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HDFC BANK LIMITED -1.25% 1466.1 End-of-day quote.2.07%
INFOSYS LIMITED 0.54% 1503.3 Delayed Quote.19.07%
NIFTY 50 -0.05% 15683.35 Delayed Quote.12.23%
NIFTY BANK -1.14% 34558 Delayed Quote.10.69%
NIFTY IT 0.57% 28445.6 Delayed Quote.17.98%
RELIANCE INDUSTRIES LTD 0.45% 2225.65 Delayed Quote.11.60%
SENSEX 30 0.04% 52344.45 Real-time Quote.9.57%
TATA CONSULTANCY SERVICES LTD. -0.62% 3297.3 Delayed Quote.15.89%
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Financials
Sales 2022 6 628 B 89 714 M 89 714 M
Net income 2022 589 B 7 970 M 7 970 M
Net cash 2022 65 703 M 889 M 889 M
P/E ratio 2022 25,4x
Yield 2022 0,36%
Capitalization 14 068 B 190 B 190 B
EV / Sales 2022 2,11x
EV / Sales 2023 1,79x
Nbr of Employees 236 334
Free-Float 50,4%
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Mean consensus OUTPERFORM
Number of Analysts 31
Average target price 2 265,34 INR
Last Close Price 2 215,65 INR
Spread / Highest target 93,4%
Spread / Average Target 2,24%
Spread / Lowest Target -39,1%
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NameTitle
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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