Reliance Industries share price fell more than 4% in early trade today, when brokerage Credit Suisse cut the target price for the Mukesh Ambani-led group, citing a cautious outlook on the refining and petrochemical cycle. Reliance Industries stock price fell by 4.63% to 1129 level as compared to the previous closing of 1184.20 on BSE. Reliance Industries share price has fallen after two consecutive days of gains.
Reliance Industries share price has fallen by 3.92% during the last year and has received 0.86% since the beginning of this year. 20 shares of 34 brokerage rate [“buy]” or “outperform”, 10 [“hold]” and two [“underperform” “and two [” sell] “, tracked by Reuters according to analyst recommendations. Credit Suisse Reduced Reliance Industries from neutral to Rs. 1,395 from its target of Rs. 995.
The brokerage has quoted a slow enterprise rollout and Q1 of the current financial year as one of the reasons for downgrading weak living income per user. It also reduces the income to FY21 / FY22 estimates per share in 5% refining and factors in the petchem margin.
Reliance Industries reported a 6.8 percent year-on-year increase in consolidated net profit to Rs 10,104 crore in the first quarter ended June 30, 2019.
In Pics: The world’s largest companies that are still owned by the family
RIL said, “The Mumbai-based company registered a consolidated net profit of Rs 9,459 crore in the same quarter last year.
RIL’s consolidated net income in the April-June quarter of FY16 increased by 22.1 percent to Rs 172,956 crore as compared to Rs 141,699 crore in the same quarter of FY16.
Other income increased by Rs 3146 crore in Q1FY20 as against Rs 1,778 crore in Q1FY19.
The company’s operating profit (EBITDA) increased 5 percent y-o-y to Rs 22,013 crore from Rs 20,957 crore in the same period last year, aided by strong operating performance in retail and digital services businesses.
Gross Refinance Margin (GRM), for the eighth quarter of the year, dropped by $ 8.1 a barrel to $ 10.5 a barrel in the same quarter last year. It was 8.2 dollars per barrel in the March quarter.
The petrochemical business’s revenue fell 6.64 percent to Rs 37,611 crore, as against Rs 40,287 crore in the same quarter last year, which was hit by a slowdown in demand.
For the latest Breaking News and Top Stories follow The Thus on Facebook, Twitter, Instagram and Pinterest.
