Reliance Industries shares slump 3% after GRM fall; should you buy or sell stock?
Posted on 22nd April 2019 |
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| Shares of billionaire Mukesh Ambani-led Reliance Industries slumped in trade on Monday morning, after the firm’s GRMs came in at the lowest level since Q3FY15. Reliance Industries shares slumped nearly 3% to hit the day’s low at Rs 1,345.30 on BSE. Notably, the firm has reported a drop in standalone net profit for the first time in 17 quarters. Reliance Industries reported a total net profit of Rs 10,362 crore for the January-March quarter, a jump of 9.79% compared to the same period last year, becoming the first ever firm to report above Rs 10,000 crore profit in two consecutive quarters. For the full fiscal year, RIL reported a 13.1% rise in net profit to Rs 39,588 crore. The oil-telecom conglomerate’s gross refining margin — a key metric of its profitability from turning crude oil into petroleum products — fell slightly in the quarter to $8.2 per barrel from $8.8 per barrel in the previous quarter. Taking stock of the results, Kotak Institutional Equities has revised FY20-21 EPS estimates to Rs 75 (down 2%) and Rs 87 respectively ( up 1%). The brokerage firm said that it factors in lower subscribers/ ARPU for Reliance Jio, and a higher retail contribution. Kotak Institotional Equities has a sell rating on the stock with a target stock price of Rs 1,100. The firm is concerned about persisting high capex and rising leverage. Morgan Stanley said that the Q4 results represents is 7% higher than its estimate, but with a slight miss on EBITDA. The refining margin is slightly better, but telecom ARPU is lower than expected. Improved utilisation will drive earnings growth of 18% into FY20. The firm’s asset monetisation will help to transfer $8.7 billion of liabilities to InvIT. The firm has an overweight call on the shares with a target price of Rs 1,230. According to CLSA, a $15 billion cut in liabilities in liabilities and capex intensity may have peaked. The lease payments for demerged assets drives a 3-8% cut in EPS estimates. CLSA has maintained a buy call on the shares with a target price of Rs 1,665.
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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