Broking home cuts RIL’s goal value after disappointing Q1

Almost a dozen broking homes have minimize their goal value for Reliance Industries after posting disappointing earnings for the quarter ended June 2022. Information obtainable on Bloomberg reveals that international brokerages Citi and Morgan Stanley have taken the most important cuts.

RIL shares closed at Rs 2,420, down 3.33 per cent on Monday. The corporate, which introduced its financials on Friday after the market shut, missed Avenue estimates on account of a weak near-term outlook for the oil-to-chemicals (O2C) section — which accounts for 91 p.c of incremental working revenue in Q1 . Resulting from a decline in Singapore’s gross refining margin. Analysts consider O2C is beneath strain, however the outlook for RIL’s digital and retail companies is bullish.

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First printed: Mon, 25 July 2022. 18:58 IST

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