Stock Market Today: Following the announcement of the Q1 results on Friday after market hours, the price of Reliance’s shares fell by about 3% in early trade on Monday. After opening at ₹3017.50, the price of Reliance shares dropped to lows of ₹3,018.05, indicating a nearly 3% decrease on the NSE from the previous close of ₹3110.
Reliance Industries’ consolidated net profit of 17,445 crore decreased by slightly more than 4% year over year, but it was in line with analyst consensus estimates. The oil-to-chemical segment’s weakness caused the anticipated earnings decline. These are the opinions of analysts.
Although Jefferies India Ltd. has maintained Buy ratings on the price of Reliance Industries shares, it has lowered its target price to ₹3525 (from ₹3580 earlier) due to changes made to their estimates of earnings before interest, tax, depreciation, and amortisation (EBITDA). Their target price still suggests an upside of more than 14%. Jefferies is keeping an eye on the retail sector’s potential for growth.
According to Jefferies’ calculations, Consolidated Earnings before Interest Tax Depreciation and Amortisation (Ebitda) decreased 9% sequentially but remained consistent with their estimates at nearly ₹38,800 crore. Jio, the telecom division, and Oil to Chemicals (O2C) met their projections, but Retail’s net profit fell 4% short due to increased net interest expense and tax rates.
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