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BUZZ-Street View: India's Reliance Industries gains on retail strength

Reuters
Oct 20
BUZZ-Street View: India's Reliance Industries gains on retail strength

** Shares of India's largest co by market cap Reliance Industries RELI.NS rise as much as 3% to 1460 rupees

** Stock top gainer on benchmark Nifty 50 index .NSEI, which is up 0.7%

** Co's Q2 profit rises nearly 10% yoy

RETAIL SEGMENT BEATS EXPECTATIONS, O2C IN LINE

** Morgan Stanley ("overweight", PT at 1,701 rupees) says earnings quality strong across divisions

** Jefferies ("buy", cuts PT to 1,780 rupees from 1,785 rupees) says oil-to-chemical business in line with expectations, retail segment delivered above estimates

** Bobcaps ("buy", PT at 1,655 rupees) says retail growth momentum to continue in Q3 on festive demand, supported by GST rationalisation

** Emkay ("buy", raises PT to 1,680) says healthy quarter for RELI, driven by better than expected growth in retail segment

(Reporting by Komal Salecha)

((Komal@thomsonreuters.com;))

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