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BUZZ-India's Reliance Industries hits fresh record high on Q2 results
October 16, 2017 / 4:51 AM / in a month

BUZZ-India's Reliance Industries hits fresh record high on Q2 results

** Shares of Reliance Industries Ltd rise as much as 1.8 pct to record high of 892 rupees

** The company posted a 7.3 pct increase in standalone Q2 profit late on Friday, aided by higher margins from its core refining and petrochemical businesses

** Credit Suisse raises PT on stock to 825 rupees from 680 rupees, maintains “neutral” rating

** “EBITDA was above expectation on the back of strong profits from petrochemical division,” analysts at IDBI Capital write, raising PT to 1,004 rupees from 875 rupees and upgrading stock to “buy” from “accumulate”

** Company said telecoms arm Jio will turn profitable “shortly,” while adding it would continue to pump around $1 bln into the venture for each of the next few qtrs

** Jio surprised with superior revenues as better-than-expected subscriber mix drove higher than expected core ARPU, Morgan Stanley writes

** “We see cashflow (for Jio) breakeven by FY 2020, a year earlier than expected due to better ARPU trends and lower interconnect costs” - Morgan Stanley

** 22 out of 37 analysts covering the stock have a “buy” or higher rating, 11 rate it at “hold” while 4 have sell; median PT is 875 rupees - Thomson Reuters Eikon data

** Stock had gained about 62 pct this year up to Friday’s close

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