Reliance Industries shares extend losses after Morgan Stanley’s downgrade; firm loses Rs 88,000 crore in mcap
Posted on 9th May 2019 |
.jpg) |
| Shares of billionaire Mukesh Ambani-led Reliance Industries extended losses on Thursday, after global firm Morgan Stanley downgraded the stock. RIL share price tanked by more than 3% to hit the day’s low at Rs 1,259.15. Notably, the shares have lost more than 10% this week alone, taking the overall mcap loss to more than Rs 88,000 crore in the period. In the latest Jan-Mar period, the oil-to-telecom conglomerate reported a drop in standalone net profit for the first time in 17 quarters. Reliance Industries net profit came in Rs 10,362 crore. The firm’s gross refining margin (GRM) — a key metric of its profitability from turning crude oil into petroleum products — also came in lower at $8.2 per barrel, compared to $8.8 per barrel in the previous quarter. Taking stock of the reported results, global firm Morgan Stanley said that is expects the 2-year earnings upswing to reverse. The rising glut in gas and polyester could also slow down in 2020. The upside appears limited amid core business drags, noted Morgan Stanley in the report. The firm has downgraded the stock to equal-weight with a target price of Rs 1,349. Notably, the stock has seen a lower grade after 2 years of outperformance. “We expect Reliance Industries earnings growth to halve in FY20, after a 17% CAGR in FY17-19,” Morgan Stanley said in the report. Interestingly, the shares had hit a fresh record record high last week, taking the firm just inches away from hitting the Rs 9 lakh crore mcap mark. However, since then, the shares have corrected by nearly 10% eroding the firm’s market cap to the current level of 8.08 lakh crore. |
|
|
|
|
Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
.jpg) |
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. |
|
|
Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
.jpg) |
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. |
|
|
LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
.jpg) |
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). |
|
|
Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
.jpg) |
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. |
|
|
World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
.jpg) |
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. |
|
|
|
|
| Be the first person to write a business review for Reliance Industries shares extend losses after Morgan Stanley’s downgrade; firm loses Rs 88,000 crore in mcap |
|
|
|
