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    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

(RELIANCE)
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Delayed NSE India Stock Exchange  -  12:15 2022-08-18 am EDT
2649.95 INR   -0.57%
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Indian shares slide as Reliance, ONGC crash on fuel export duties

07/01/2022 | 02:51am EDT

BENGALURU, July 1 (Reuters) - Indian shares on Friday began the second quarter on the back foot, hammered by heavy losses in Reliance Industries and ONGC after the government introduced export duties on oil products to boost domestic supplies.

The NSE Nifty 50 index was down 0.92% at 15,634.8 by 0631 GMT, while the S&P BSE Sensex slid 0.89% to 52,549.35, after falling up to 1.7% each earlier in the session.

The indexes, which on Thursday capped their worst quarter since the early days of the COVID-19 pandemic, are set to close the week marginally lower if losses hold.

India introduced export duties for gasoil, gasoline and jet fuel and imposed a windfall tax on oil producers that have benefited from higher global crude oil prices, sending energy stocks into a spiral.

Oil-to-retail conglomerate Reliance Industries, India's most valuable company, shed $19.35 billion in market value as its stock plunged as much as 8.7%, marking its biggest intraday slide since Nov. 2, 2020.

The Nifty Energy index fell 3.7% in its sharpest drop since mid-May.

State-owned oil producer ONGC plummeted 12.3% - its biggest slide since pandemic-wrecked March 23, 2020. Oil India slid 9%, while Mangalore Refinery and Petrochemical slumped 10%.

Meanwhile, jewellery makers Titan Company and Tribhovandas Bhimji Zaveri slipped 6% and 4.1%, respectively, after India raised basic import duty on gold to 12.5% from 7.5%.

The Nifty auto index slid 1.5%, ahead of monthly sales data, while the Nifty Bank index fell 1%.

The rupee hit a fresh record low of 79.11 against the dollar, versus Thursday's close of 78.97.

Elsewhere in Asia, stock markets got off to a shaky start on Friday as growth fears mounted. (Reporting by Chris Thomas in Bengaluru; editing by Uttaresh.V)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.43% 93.64 Delayed Quote.20.13%
MANGALORE REFINERY AND PETROCHEMICALS LIMITED 0.34% 73.9 End-of-day quote.71.26%
NIFTY 50 -0.15% 17925.3 Delayed Quote.2.72%
NIFTY BANK 0.51% 39483.15 Delayed Quote.10.59%
OIL AND NATURAL GAS CORPORATION LIMITED -2.61% 136 Delayed Quote.-1.72%
OIL INDIA LIMITED 0.47% 191.45 Delayed Quote.-4.12%
RELIANCE INDUSTRIES LTD -0.68% 2651.9 Delayed Quote.11.96%
S&P GSCI CRUDE OIL INDEX -0.01% 480.4887 Real-time Quote.14.56%
S&P GSCI GAS OIL INDEX 2.00% 972.6213 Real-time Quote.50.69%
SENSEX BSE30 0.70% 60260.13 Real-time Quote.3.44%
TITAN COMPANY LIMITED -0.06% 2492.15 End-of-day quote.-1.28%
TRIBHOVANDAS BHIMJI ZAVERI LIMITED 0.40% 75.2 End-of-day quote.-4.45%
VEDANTA LIMITED 0.64% 267.55 Delayed Quote.-23.07%
WTI 0.51% 88.106 Delayed Quote.15.49%
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Financials
Sales 2023 8 905 B 112 B 112 B
Net income 2023 783 B 9 858 M 9 858 M
Net Debt 2023 774 B 9 747 M 9 747 M
P/E ratio 2023 22,8x
Yield 2023 0,38%
Capitalization 16 930 B 213 B 213 B
EV / Sales 2023 1,99x
EV / Sales 2024 1,85x
Nbr of Employees 342 982
Free-Float 50,4%
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Mean consensus BUY
Number of Analysts 34
Last Close Price 2 665,15 INR
Average target price 2 872,44 INR
Spread / Average Target 7,78%
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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
Savithri Parekh Secretary & Compliance Officer
Adil Siraj Zainulbhai Independent Non-Executive Director
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RELIANCE INDUSTRIES LTD11.96%212 329
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MARATHON PETROLEUM CORPORATION51.04%48 192