INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Shares of Reliance Industries fell nearly 2 per cent in Monday's trade as experts remained mixed on the company's prospects
following its fourth quarter results on Friday
While some analysts expect a 16 per cent upside in the stock in the near future, some forecast 7 per cent downside, ET reported.
The lender
on Friday reported Rs 9,435 crore consolidated profit for the March quarter, its highest quarterly profit.
The energy-to-telecom
conglomerate led by India's richest businessman Mukesh Ambani, logged 17.26 per cent year-on-year (YoY) rise in profit and beat Rs 9,350
crore estimate that some analysts had projected in an ETNow poll
The profit figure stood at Rs 8,046 crore in the year-ago quarter
Meanwhile, Reliance Industries is planning to shut oil and gas production at its main fields in KG-D6 block in the coming months and begin
according to a PTI report.
The stock fell 1.68 per cent to hit a low of Rs 977.95 in early trade on BSE at around 9.20 am (IST)
It was later trading at Rs 985.90, down 0.89 per cent.
Brokerage Edelweiss Securities noted that the core performance for the quarter was
Refining EBIT missed estimates by 3 per cent due to lower-than-expected GRM and throughput, while petchem remained robust amidst healthy
volume growth from recent downstream projects and higher QoQ spreads in polyethylene/PVC/PET/polyester intermediates, the brokerage
said.
Retail revenues soared on increased contribution from higher margin digital space
Reliance Jio (RJIO) reported profit for second consecutive quarter with strong subscriber addition and industry-leading ARPU, the brokerage
The brokerage has revised its target on the stock to Rs 1201 from Rs 1,174
However, other brokerages are mixed
