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RELIANCE INDUSTRIES
CMP (Rs.): 1001.50 EPS (Rs.): 48.59 52 Week High : 1149.70
MCap (Rs. Cr.): 332280 Book Value(Rs.):392.22 52 Week Low : 915.00
Fundamental View :
In NELP-IX blocks, Reliance has shown interest in The Kerala-Konkan basin off the
western coast. The natural gas production from Reliance Industries Ltd's East Coast
block has dropped by about 15 per cent to about 45-46 mmscmd from 53-54
mmscmd.
However, its core petroleum refining and petrochemicals businesses have come
under pressure due to cyclical downturn and little help came from its diversification
efforts.
The company has now decided to invest in shale gas in the US, broadband wireless
and power industries domestically while recently picking up a stake in East India
Hotels.
Outlook: While the new businesses won't contribute much in the short run, the company
may appear inexpensive at these levels.
Technical View:
In the daily charts the stock is below its 25 DMA which is at 1041.50. The 14 day RSI is 37.47,
MACD on daily charts is -5.16. The stock is below its 200 DMA which is at 1032.72.
Recommendations:
The stock has fallen more than 6% this week pressurizing broader indices as well and it has
broken down below its important moving averages too. On weekly graphs there is minor
support near 980-986 levels which may be tested before starting any up move.
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