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Last Updated : Oct 22, 2019 03:39 PM IST | Source: Moneycontrol.com

Reliance Industries shares slip after hitting record high on September quarter earnings

Most brokerages remained bullish on the stock, keeping a buy call and raising earnings per share (EPS) estimates as well as target price on the stock, after the company reported healthy growth in retail and Jio businesses.

 
 
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Shares of Reliance Industries, the country's largest company by market capitalisation, fell 0.8 percent intraday on October 22 after rising 1.6 percent intraday to hit a record high of Rs 1,437.65 after the company announced September quarter earnings.

The stock rallied more than 21 percent in last one month ahead of earnings. It was quoting at Rs 1,410.85, down Rs 4.45, or 0.31 percent on the BSE at 1512 hours.

On October 18, RIL reported the highest-ever quarterly consolidated profit of Rs 11,262 crore in Q2FY20, beating Street expectations, up 11.5 percent QoQ.

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"The company has reported a record net profit for the quarter. These excellent results reflect the benefits of our integrated Oil to Chemicals (O2C) value chain and the rapid scale-up of our consumer businesses," Mukesh Dhirubhai Ambani, Chairman and Managing Director of the company, said.

Most brokerages remained bullish on the stock, keeping a buy call and raising earnings per share (EPS) estimates as well as, target price on the stock after the company reported healthy growth in retail and Jio businesses.

Global financial firm HSBC maintained a buy recommendation on the stock, raising the target price to Rs 1,565 from Rs 1,475. RIL's balance sheet deleveraging should accelerate in the coming quarters even as the earnings outlook of the company remains robust, it said.

Nomura, too, maintained a buy recommendation on the stock and raised the target price to Rs 1,785 from Rs 1,575.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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First Published on Oct 22, 2019 03:39 pm
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