April 30, 2018 / 4:17 AM / 3 months ago

BUZZ-India's Reliance Industries falls; tariff competition hits Jio

** Oil-to-retail conglomerate Reliance Industries Ltd’s shares fall as much as 1.9 pct to 977.05 rupees

** Telecoms business Jio on Friday reported second straight qtrly profit; however, average revenue per user (ARPU) fell about 11 pct q/q

** Reliance’s March-qtr standalone profit rose 6.7 pct to a record 86.97 bln rupees ($1.31 bln), slightly ahead of analysts’ estimate

** Jefferies analysts say petrochemical volumes may rise from Q4 levels... LNG-petcoke spreads have seasonally softened and oil and gas volumes are falling too, but valuations are rich

** Jefferies rates stock “underperform” with PT of 790 rupees

** Motilal Oswal analysts write that renewed focus on competition in the form of downward revisions in price plans led to an 11 pct q/q fall in ARPU to 137 rupees

** Although recent ARPU cuts have been disappointing, competitive intensity may abate over next 2-3 qtrs - Motilal Oswal

** Of 38 brokerages that cover stock, 28 rate “buy” or higher, four “hold” and the rest “sell” or lower; their median PT is 1,051.50 rupees

** Up to Friday’s close, stock has risen over 8 pct this year ($1 = 66.6100 Indian rupees)

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