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    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

(RELIANCE)
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Delayed NSE India Stock Exchange  -  07:25 2022-08-12 am EDT
2633.00 INR   +1.62%
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Indian shares slip as inflation fears resurface, rupee at record low

06/29/2022 | 01:42am EDT

BENGALURU, June 29 (Reuters) - Indian shares fell on Wednesday after a four-session rally, as worries about high oil prices and inflation returned to the forefront, while Reliance gained after announcing a leadership change at its telecom unit.

The NSE Nifty 50 index fell 0.53% to 15,766.25, as of 0513 GMT, and the S&P BSE Sensex slipped 0.5% to 52,910.42. The rupee dropped 0.25% to a record low of 78.97 per dollar.

Dampening sentiment further across Asian equities was overnight data that showed U.S. consumer confidence dropped to a 16-month low in June, which had sent Wall Street sharply lower.

"Worries about crude prices, inflation, rate hikes and accompanying recession fears are coming back to the market after a few days of respite," said Ajit Mishra, vice president, research at Religare Broking.

"It's still too early to say if the market has reached the bottom, the overall trend is still downwards with the negative flow of news."

Interest rate and inflation worries have kept the Nifty and Sensex on course for their worst month since the pandemic-hit March of 2020. The blue-chip indexes had lost nearly 9% this year, as of last close.

Indian equity markets are likely to see their biggest foreign fund outflows this month since March 2020.

Overseas investors had offloaded a net $6.29 billion worth of equities this month, as of June 28, compared with a net selling of $4.63 billion in the same period last month, according to Refinitiv data.

On Wednesday, the Nifty Bank index slid 1.4%, while the Nifty FMCG index fell 1.3%.

Reliance Industries, India's most valuable firm, helped plug some losses in the market with a 1.1% gain.

Billionaire Mukesh Ambani stepped down on Tuesday from the role of director of the telecoms arm of Reliance in favour of his son Akash, setting the stage for a leadership transition at his energy-to-retail conglomerate.

Tejas Networks jumped 7.5% after Japanese chipmaker Renesas said it would work with the company on wireless network solutions including 5G. (Reporting by Chris Thomas in Bengaluru; additional reporting by Gaurav Dogra; Editing by Rashmi Aich and Subhranshu Sahu)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
NIFTY 50 0.22% 17698.15 Delayed Quote.1.76%
NIFTY BANK -0.19% 39042.3 Delayed Quote.9.58%
RELIANCE INDUSTRIES LTD 1.62% 2633 Delayed Quote.11.18%
SENSEX BSE30 0.22% 59462.78 Real-time Quote.2.08%
TEJAS NETWORKS LIMITED -1.37% 466.75 End-of-day quote.11.36%
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Financials
Sales 2023 8 932 B 112 B 112 B
Net income 2023 783 B 9 829 M 9 829 M
Net Debt 2023 774 B 9 720 M 9 720 M
P/E ratio 2023 22,6x
Yield 2023 0,38%
Capitalization 16 726 B 210 B 210 B
EV / Sales 2023 1,96x
EV / Sales 2024 1,83x
Nbr of Employees 342 982
Free-Float 50,4%
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Mean consensus BUY
Number of Analysts 34
Last Close Price 2 633,00 INR
Average target price 2 871,85 INR
Spread / Average Target 9,07%
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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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