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    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

(RELIANCE)
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Indian shares rise after central bank holds key rates steady

04/07/2021 | 02:40am EDT

BENGALURU, April 7 (Reuters) - Indian shares rose on Wednesday after the central bank kept key interest rates unchanged, as widely expected, to support the economy against the backdrop of a second surge in COVID-19 cases.

The Reserve Bank of India (RBI) stuck to its accommodative monetary policy stance amid concerns that rising infections could derail the country's nascent economic recovery.

The NSE Nifty 50 index rose 1.1% to 14,851 and the S&P BSE Sensex was up 1.2% at 49,765.67 by 0613 GMT.

The benchmark 10-year bond yield rose to 6.19% post-policy, before falling back to 6.06% after the central bank announced a secondary market government securities (G-sec) acquisition programme.

"All the announcements made by the RBI, including government borrowing programmes, evolution of the yield curve and long-term bond purchases, are good for the markets," said Saurabh Jain, assistant vice president of research at SMC Global Securities in New Delhi.

"The governor explicitly said that liquidity will not be taken away from the markets, which is also good."

The Indian rupee weakened to 74.04 against the dollar after the rate decision, hitting its weakest level since November 27.

The G-sec acquisition programme, which the bond market needed the most, could help to cool off bond yields and support the government's market borrowing programme, said Deepthi Mathew, an economist at Geojit Financial Services.

The Nifty bank index and the auto index rose 1.3% each. Heavyweight Reliance Industries was the top boost to the Nifty 50 index, rising 2.5%.

On Tuesday, the International Monetary Fund said unprecedented public spending to fight the pandemic would push global growth to 6% this year, while projecting India's growth rate at 12.5% for 2021. (Reporting by Nallur Sethuraman in Bengaluru and Savio Shetty in Mumbai; Editing by Shounak Dasgupta and Subhranshu Sahu)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
NIFTY 50 -0.44% 14296.4 Delayed Quote.2.70%
RELIANCE INDUSTRIES LTD -0.03% 1901.15 Delayed Quote.-4.21%
SENSEX 30 -0.51% 47705.8 Real-time Quote.2.26%
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Financials
Sales 2021 5 040 B 67 126 M 67 126 M
Net income 2021 469 B 6 244 M 6 244 M
Net Debt 2021 84 803 M 1 129 M 1 129 M
P/E ratio 2021 27,1x
Yield 2021 0,37%
Capitalization 12 074 B 161 B 161 B
EV / Sales 2021 2,41x
EV / Sales 2022 1,82x
Nbr of Employees 195 618
Free-Float 50,4%
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 2 207,07 INR
Last Close Price 1 901,70 INR
Spread / Highest target 36,7%
Spread / Average Target 16,1%
Spread / Lowest Target -29,0%
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Managers and Directors
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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