Reliance Industries Limited fell to Rs 1946 per share which was last checked on Monday morning. Reliance Industries fell to a three-month low and the stock toppled by 5%. The Oil to Telecom conglomerate have updated a profit of RS 10,602 Crore in the quarter of July-to-September, which was down from 15,055 crore if we compare with last years same period. Due to this recent fall Reliance Industries shares are now trading at a 3-month low price.
Due to the falling profits, Reliance Industries rescuers for the quarter were once again the consumer facing business that Mukesh Ambani has created in the last years (Reliance Retail and Jio). Petro chemicals, Oil & Gas, and the Refining business which are considered to be the cash cows of Reliance Industries were still not up to the mark in comparison with the pre corona virus revenue. Digital services on the other hand was better than the last years revenue whereas the retails segment is also trending towards the same goal. Edelweiss Securities have said that “In our view, primary stock triggers — deleveraging, asset monetization, digital momentum — have played out,”. Edelweiss further added that the digital offerings of Reliance Industries are yet to gain a prominent traction.
On the other hand, the brokerage firm Motilal Oswal now has a Buy on the stock with a tragert price of Rs 2240 every share. The Reliance Industries now claims that the market of Petroleum products is now tending towards recovery. Hopefully Agriculture, FMCG and the Auto sectors are expected to Support the Reliance industries margins and rates.