In an interview to CNBC-TV18, Jal Irani, Oil & Gas Analyst at Edelweiss Financial Services shared his readings and outlook on Reliance Industries Q4 numbers.
Telecom operator Vodafone today complained to Trai that Reliance Jio is still "luring customers" to subscribe the 'Summer Surprise' offer despite the regulator finding it in violation of norms.
The S&P BSE Sensex came under pressure after the minutes released from Federal Reserve overnight indicated that it could change its bond investment policy this year.
Reliance Industries, Maruti Suzuki and L&T helped the Nifty close above 9,250 level but the selling pressure in HDFC, Infosys and ITC limited upside.
There is a huge opportunity for stock pickers and smart entrepreneurs for the next two years but at the same time investors should remain conservative and be choosy.
Reliance Industries Ltd (RIL) has received environment clearance for expansion and debottlenecking of its Dahej petrochemical facility in Gujarat at a cost of Rs 13,250 crore.
Investors in top seven Indian companies saw their fortune grow by a cumulative Rs 45,955.51 crore last week, with SBI and RIL handing the maximum gains.
The news of SEBI order on Reliance Industries and the forecast of Monsoon below normal level were other reasons for selling pressure in the market.
A three-member arbitration panel has started hearing validity of the government's demand of USD 1.55 billion as compensation from Reliance Industries for "unfairly" producing ONGC's gas.
Top six Indian companies added a total of Rs 30,505.3 crore in market valuation last week, with IT biggie TCS walking away with the biggest slice.
Reliance Industries shares touched fresh nine-year high of 1,307.05, up 3.86 percent intraday as investors remained bullish on its telecom prospects.
RIL's valuation zoomed Rs 24,619.79 crore to Rs 4,08,238.80 crore and Infosys added Rs 5,076.25 crore at Rs 2,36,849.45 crore.
Reliance Industries continued its run up on first day of the week as well, up 4.74 percent to close at Rs 1,238.60, the highest closing level since May 29, 2008. The stock gained more than 16 percent in four consecutive sessions, especially after Reliance Jio announced tariff plans effective from April 1, 2017.
The research firm says telecom uncertainty has decreased with disclosure on tariff plans, but not subsided completely. It believes energy return on capital employed growth buffers the impact from lower telecom returns in the near term. Disclosures on telecom key performance indicators (KPIs) should be a stock trigger, it says.
Petrochemical major Reliance Industries was the biggest gainer and also the largest contributor to Sensex & Nifty gains. The stock jumped 11 percent to Rs 1,207.65, the highest closing level since May 29, 2008, especially after Mukesh Ambani, Chairman and Managing Director announced Reliance Jio's new tariff plans.
"There will be considerable difficulties in merging a number of entities with differing structures, operational systems and cultures," he said adding it may not be good for consumers as well.
Eight of the top-10 most valued Indian companies together added Rs 96,602 crore in market valuation last week, with HDFC emerging as the biggest gainer.
"Robust integrated platform, sound operational processes and business portfolio aligned to the needs of emerging India enabled Reliance to deliver another record performance in challenging market conditions," Mukesh Dhirubhai Ambani, Chairman and MD said.
Petrochemical major Reliance Industries is expected to show eighth consecutive sequential jump in net profit on strong gross refining margin. Profit is seen rising nearly 2 percent quarter-on-quarter to Rs 7,850 crore, according to average of estimates of analysts polled by CNBC-TV18.
Benchmark indices ended Wednesday's session on a flat note after consolidation as investors awaited December quarter earnings that will begin next week with Infosys. Even lack of global cues caused listless trade.
Benchmark indices recouped losses in afternoon trade with the Nifty reclaiming 8200, driven by auto and pharma stocks.
The plant with capacity of 2.2 million tons per annum is built with state-of-the-art crystallisation technology from BP which is highly energy efficient and environment friendly.
The government has named former Supreme Court Judge G S Singhvi on the three-member arbitration panel that will decide on the validity of its USD 1.55 billion compensation claim from Reliance Industries for "unfairly enriching" and producing natural gas belonging to ONGC.
Equity benchmarks continued to consolidate in morning trade, with the Nifty hovering around 8200 level. Investors maintained caution ahead of the outcome of policy meeting of Federal Reserve due tonight.
Equity benchmarks as well as broader markets continued to consolidate after four-day rally. Oil & gas, HDFC group, pharma and select auto stocks supported the market while the selling in Asian Paints, Tata Motors, ICICI Bank, ITC and Infosys capped upside.