Reliance Industries share falls, analysts seek more clarity
Shares of Reliance Industries (RIL) slipped for the fourth day as analysts sought more clarity about its Rs 75,000-crore plan to invest in clean energy amid some apprehensions about its current valuation given its run-up over the past few weeks. The RIL scrip ended with losses of 2.28 per cent at Rs 2,104.30.
“There was no O2C completion, no timeline on WhatsApp-JioMart, no timeline on IPOs of Jio/Retail...we would not be surprised to see some of the outperformance over the last six weeks reverse,’’ analysts at JP Morgan said.
A note from Citi said clarity on the green energy projects and aspects is needed and it may be “premature” to incorporate any value accretion.
Meanwhile, RIL has paid Rs 3,213 crore as corporate tax in 2020-21 — a decline of 61.6 per cent over the previous fiscal’s Rs 8,386 crore. The tax payout is perhaps the lowest since 2015. Consolidated revenue fell 18.3 per cent to Rs 5.39 lakh crore. However, annual profit rose 34.8 per cent to Rs 53,739 crore.
Moody’s on 5G tech
Moody’s on Friday said countries in the Asia-Pacific region, including India, that are late in adopting 5G technology will get insignificant revenue from the services. The governments in late adopter markets will have to play a significant role in 5G services roll-out.