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    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

(RELIANCE)
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Indian shares slip from record peaks as Reliance drags

06/09/2021 | 06:43am EDT
FILE PHOTO: A man walks out of the Bombay Stock Exchange (BSE) building in Mumbai

BENGALURU (Reuters) - Losses in energy and financial stocks pulled Indian shares down from record highs on Wednesday, with investors cautious ahead of key U.S. inflation data due later in the week.

The blue-chip NSE Nifty 50 index closed 0.67% lower at 15,635.35 after earlier hitting an all-time high, while the benchmark S&P BSE Sensex fell 0.64% to 51,941.64.

For the year, the Nifty is still up around 12% and the Sensex has gained 9%, even as the second wave of COVID-19 battered the country.

"Valuations are not cheap, if we don't see a shakeout and some correction in the market, the upward momentum won't sustain itself," said Neeraj Dewan, director at New Delhi-based Quantum Securities.

Dewan added investors were also on the sidelines ahead of U.S. inflation data and a key meeting of the European Central bank on Thursday.

U.S. consumer price data could offer clues on the Federal Reserve's stance on tapering monetary stimulus, which could ultimately impact the flow of foreign funds into emerging markets such as India.

In Mumbai trading, Reliance Industries, India's largest listed company by market value, slid 1.8% and was the top drag on the indexes.

The Nifty Bank index slipped 0.8% to its lowest in nearly two weeks.

Gas marketing firm GAIL declined 3.2% after reporting a drop in quarterly profit and revenue.

Power utilities were the bright spot, with Nifty 50-component Power Grid Corp of India jumping 3.4%.

Tata Power climbed 6.5% after the antitrust watchdog cleared its acquisition of stakes in power utility companies in the Odisha state.

(Reporting by Chris Thomas and Chandini Monnappa in Bengaluru; Editing by Aditya Soni)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
NIFTY 50 -0.05% 15683.35 Delayed Quote.12.23%
NIFTY BANK -1.14% 34558 Delayed Quote.10.69%
RELIANCE INDUSTRIES LTD 0.45% 2225.65 Delayed Quote.11.60%
SENSEX 30 0.04% 52344.45 Real-time Quote.9.57%
THE TATA POWER COMPANY LIMITED -1.63% 123.9 End-of-day quote.63.78%
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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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Technical analysis trends RELIANCE INDUSTRIES LTD
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
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%
EPS Revisions
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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