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RIL hits market cap landmark but still behind global luxury brands, Netflix in valuation

RIL to HDFC Bank to ITC – Here are the 10 most valuable Indian companies

<ul><li>Shares of oil exporting companies Reliance Industries and state-owned ONGC top gainers today.</li><li>This comes as the government has lowered the recently implemented windfall tax on diesel and aviation fuel shipments offering relief to fuel exporters and producers.</li><li>Government reduces tax on export of petrol and aviation turbine fuel (ATF) from ₹6 a litre to ₹4 along with tax on diesel to ₹11 from ₹13 per litre.</li></ul>Shares of Reliance Industries surged nearly 3% while ONGC rallied nearly 5% in the early hours of trade, as the government provided a relief by lowering taxes on July 19. Less than a month after levying these <keyword id="14086587" type="General" weightage="20" keywordseo="windfall-taxes" source="Orion">windfall taxes</keyword> on oil producers and exporters, the government had eased them yesterday. The government, which had promised that it will review these taxes regularly, reduced tax on export of petrol and aviation turbine fuel (ATF) from ₹6 a litre to ₹4 along with tax on diesel to ₹11 from ₹13 per litre. Further, the ₹23,250 per tonne additional tax on crude oil produced domestically has been cut to ₹17,000 per tonne. “A quicker than expected restart to reverse the windfall taxes on the sector should normalize equity multiples steadily higher. While windfall taxes are not yet zero, we believe government action provides clarity on the path ahead. RIL, ONGC and OIL are key beneficiaries,” says Morgan Stanley. What is windfall tax and why was it imposed? Windfall tax is a one-off tax imposed by the government on companies or sectors that have made unexpectedly high profits due to favourable market conditions. Crude oil prices have been hovering over $120 per barrel for the last three months – going as high as $130 per barrel in early March. Windfall taxes were imposed by the government to gain from windfall gains that oil producers were minting when international crude oil and derivatives spiked. An export tax was also slapped on refiners who exported petrol and diesel abroad. The move to slash the taxes came after crude oil prices fell significantly in July on fears of a possible recession and has been range bound between $100-105 per barrel. The decision has brought a relief rally to shares of ONGC and RIL who have been under pressure in the last couple of weeks. Analysts believe the move will boost equity prices of these companies. “Reliance, OIL and ONGC will see reduction in overhang and equity valuations should start pricing in high sustainable energy margins as government intent gets clear. The two should imply 25-40% upside to equities as energy markets are expected to remain tight despite the current volatility in oil and reduction in global fuel margins from peak levels,” said Morgan Stanley. In the fiscal year ended March 2022, the telecom-retail-oil giant RIL generated about 41% of consolidated pre-tax profits from its oil-to-chemicals business. Gross refining margins of RIL are estimated at nearly $13 per barrel while that of ONGC is estimated to see profit per barrel at $25, i.e.20% above last year's levels, as per the brokerage report. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/fixed-deposits-back-in-vogue-as-crypto-stock-market-get-hit-by-global-headwinds/articleshow/92983763.cms">Fixed deposits back in vogue as crypto, stock market get hit by global headwinds</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ather-450x-gen-3-new-electric-scooter-debuted-today/articleshow/92985192.cms">Ather’s Ravneet Phokela on the company’s new scooter, affordability, EV safety and more</a>

RIL, ONGC set to move higher as government unwinds windfall taxes, says Morgan Stanley

New Delhi, Shares of <keyword id="19936674" type="General" weightage="20" keywordseo="reliance" source="keywords">Reliance</keyword> Industries on Thursday ended nearly 1 per cent higher after <keyword id="19936671" type="General" weightage="20" keywordseo="walt-disney-co" source="keywords">Walt Disney Co</keyword> and the firm announced the signing of binding pacts to merge their media operations in India to create a Rs 70,000 crore behemoth. The stock of the country's most valued firm in terms of market valuation ended at Rs 2,924.75, up 0.54 per cent on the BSE. During the day, it climbed 1.68 per cent to Rs 2,958. Shares of the company ended with a gain of 0.66 per cent at Rs 2,930.75 on the NSE. During the day, it went up by 1.60 per cent to Rs 2,957.95. The company's market valuation stood at Rs 19,78,794.25 crore. In the broader equity market, the 30-share BSE benchmark climbed 195.42 points or 0.27 per cent to settle at 72,500.30, and the Nifty went up by 31.65 points or 0.14 per cent to 21,982.80. Under the deal, coming just over a month after the failed USD 10 billion merger of rivals <keyword id="19976119" type="General" weightage="20" keywordseo="zee" source="keywords">Zee</keyword> and <keyword id="19914172" type="General" weightage="20" keywordseo="sony" source="keywords">Sony</keyword>, Reliance and its affiliates will hold 63.16 per cent in the combined entity that will house two streaming services and 120 television channels. Disney will hold the remaining 36.84 per cent, the companies said in a statement on Wednesday. Reliance has also agreed to invest at closing Rs 11,500 crore into the joint venture to give it the muscle to fight rivals such as Japan's Sony and Netflix. Media ventures of Reliance are housed in Network 18, which owns TV18 news channels as well as a plethora of entertainment (under the 'Colors' brand) and sports channels. NW18 also has stakes in moneycontrol.com, bookmyshow and publishes magazines. Its subsidiary NW18 owns news channels CNBC/CNNNews. Reliance separately owns a movie production arm - JioStudios, and majority stakes in two listed cable distribution companies, Den and <keyword id="20777796" type="General" weightage="20" keywordseo="hathway" source="keywords">Hathway</keyword>.

RIL shares climb nearly 1% after announcing mega merger

New Delhi, <keyword id="19938772" type="General" weightage="20" keywordseo="reliance-industries-ltd" source="keywords">Reliance Industries Ltd</keyword> (RIL) on Tuesday became the first Indian company to achieve a market capitalisation of Rs 20 lakh crore. Shares of the Mukesh Ambani-promoted conglomerate also touched their 52-week highs during the intra-day trade amid firm sentiments in the broader market. The scrip of <keyword id="19896380" type="General" weightage="20" keywordseo="reliance-industries" source="keywords">Reliance Industries</keyword> jumped 1.88 per cent to its record high of Rs 2,957.80 apiece before closing at Rs 2,928.95 per scrip, up 0.90 per cent, on BSE. The market valuation of the company surged to Rs 20,01,279.72 crore during the intra-day session and at close, the market capitalisation stood at Rs 19,81,635.72 crore. On the NSE, shares of Reliance Industries rose nearly 1.89 per cent to reach a record high of Rs 2,958 apiece -- also its 52-week high level. Later, the blue-chip stock ended 0.74 per cent higher at Rs 2,926.20 apiece. In the past two weeks, the market value of the oil-to-telecom conglomerate's stock has gone up by nearly Rs 1 lakh crore. Reliance Industries continued to rule the chart in the ranking of top-10 most valued firms, followed by <keyword id="19950203" type="General" weightage="20" keywordseo="tcs" source="keywords">TCS</keyword>, HDFC Bank, ICICI Bank, Infosys, Life Insurance Corporation of India, <keyword id="19934368" type="General" weightage="20" keywordseo="state-bank-of-india" source="keywords">State Bank of India</keyword>, Bharti Airtel, Hindustan Unilever and ITC. Last month, shares of Reliance Industries were in heavy demand, climbing over 7 per cent, taking its market valuation crossing the Rs 19.56 lakh crore mark. In March 2022, the company's market valuation had gone past the Rs 18 lakh crore mark. On Tuesday, the BSE Sensex surged 482.70 points to close at 71,555.19 points, while the broader <keyword id="19950205" type="General" weightage="20" keywordseo="nse-nifty" source="keywords">NSE Nifty</keyword> gained 127.20 points to end the day at 21,743.25 points. Reliance Industries reported a 9 per cent rise in net profit at Rs 17,265 crore in the three months ended December 2023.

RIL becomes first Indian company to touch ₹20 lakh crore marketcap

<ul><li>Bharti <keyword id="15491" type="General" weightage="20" keywordseo="airtel" source="Orion">Airtel</keyword>’s brand value stood at $7.7 billion, the highest among any other telecom company in India.</li><li>VI, previously known as Vodafone Idea, was a distant third as its brand value was under a billion dollars.</li><li>Bharti Airtel’s presence across 16 countries have given it a competitive edge over Reliance <keyword id="2003276" type="General" weightage="20" keywordseo="jio" source="Orion">Jio</keyword> in terms of subscriber base and financials.</li></ul>Despite being the biggest telecom service provider in the country, Mukesh Ambani owned Reliance Jio has not been able to surpass Airtel in brand value. According to a Brand Finance report, Bharti Airtel’s brand value stood at $7.7 billion — the highest among any other telecom company in India. It also increased by 28% during the year. Mukesh Ambani-led Reliance Jio stood at second position with brand value of $5.1 billion, and also gained 5% this year. VI, previously known as Vodafone Idea, was a distant third as its brand value was under a billion dollars. It stood at $767 million as it faces numerous business challenges due to its debt, along with other troubles like the AGR issue. <cmsannotation type="cmsannotation" annotationid="Infosys overtakes LIC and the second most valuable brand" comment="subhead" text="Infosys overtakes LIC and the second most valuable brand">Infosys overtakes LIC and the second most valuable brand</cmsannotation> Infosys with its $12.8 billion brand value has also managed to overtake Life Insurance Corporation (LIC) ($11.1 billion brand value) to become the second most valuable Indian brand this year. “Infosys has shown impressive growth this year, making it the fastest-growing IT services brand globally of 2022, thanks to its commitment to clients and focus on innovation,” the report said. The development comes even as LIC spent a lot of time, money and efforts on marketing in 2021 for its initial public offering. Tata Group remains India’s most valuable brand, with a value of $24 billion. <cmsannotation type="cmsannotation" annotationid="Airtel knows how to make money off subscribers" comment="subhead" text="Airtel knows how to make money off subscribers">Airtel knows how to make money off subscribers</cmsannotation> Airtel surpassing Reliance Jio in terms of brand value comes as a surprise, given that Reliance Jio is the biggest wireless service provider in India with a market share of over 35%. According to Telecom Regulatory Authority of India (TRAI), Airtel’s share is slightly lower at 31.56%. However, the point of difference for the two companies is simple — Airtel has not limited itself to the Indian market. While Jio focuses on growing in India, Bharti Airtel has spread its presence in 16 countries across South Asia and Africa. This has not only increased the company’s brand value but also its ability to make money. <div type="image" title="Mukesh Ambani&amp;#39;s Jio lags behind Airtel which is the top telecom brand in India" msid="91935277" hostid="261"></div> READ MORE: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-vs-bharti-airtel-four-charts-to-showcase-how-indian-telecom-giants-faired-in-2022/slidelist/91640306.cms">Reliance Jio vs Bharti Airtel — four charts that showcase how the Indian telecom giants faired in 2022</a> <cmsannotation type="cmsannotation" annotationid="Reliance Jio has higher subscriber base, but only in India" comment="subhead" text="Reliance Jio has higher subscriber base, but only in India">Reliance Jio has higher subscriber base, but only in India</cmsannotation> Bharti Airtel does fall short of Jio in the Indian market in terms of number of subscribers, but its global presence catapults it past its competitors. Airtel had 360 million subscribers in India in March 2022, but overall it has 491 million subscribers across the 16 countries it is present in. Simultaneously, Reliance Jio was at second position with 410 million subscribers, all of them coming from India. <div type="image" title="Mukesh Ambani&amp;#39;s Jio lags behind Airtel which is the top telecom brand in India" msid="91935345" hostid="261"></div> All these factors also contributed to Airtel’s supremacy in revenues too. Airtel closed the fiscal year 2022 with a revenue of ₹117,081 crore, while it turned its ₹12,364 crore loss into a profit of ₹8,305 crore. Jio, on the other hand, reported a revenue of ₹95,804 crore, with a profit of ₹15,487 crore. <div type="image" title="Mukesh Ambani&amp;#39;s Jio lags behind Airtel which is the top telecom brand in India" msid="91935374" hostid="261"></div> SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/foreign-inventors-hit-a-record-with-selloffs-in-may-and-they-will-keep-exiting-say-experts/articleshow/91934731.cms">Foreign investors are as spooked as they were in the first month of lockdown in India</a> <a href="http://www.businessinsider.in/business/corporates/news/zomato-paytm-nykaa-and-others-spent-6000-crore-on-their-employees-last-year/articleshow/91931970.cms" data-type="tilCustomLink">Zomato, Paytm, Nykaa and others spent ₹6,000 crore on their employees last year </a> <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/maruti-suzuki-tata-motors-bata-india-metal-stocks-among-stocks-to-watch-out-for-on-june-1/slidelist/91930439.cms">Maruti Suzuki, Tata Motors, Bata India, metal stocks among stocks to watch out for on June 1</a>

Mukesh Ambani's Jio lags behind Airtel which is the top telecom brand in India

<ul><li><keyword id="6484187" type="General" weightage="80" keywordseo="ril" source="Orion">RIL</keyword> is now entering its fourth capex cycle, says <keyword id="48670" type="General" weightage="50" keywordseo="morgan-stanley" source="Orion">Morgan Stanley</keyword>. </li><li>It has pledged a massive ₹75,000 crore (approx. $9.4 billion) investment into the new energy ecosystem. </li><li>RIL’s investment cycles provided 2-3x value creation for shareholders in the last two decades, says Morgan Stanley. </li><li>“We see up to $60 billion value creation in the new energy business by 2025,” the report says. </li><li>However, if refining margins are hit, <keyword id="10926" type="General" weightage="50" keywordseo="reliance" source="Orion">Reliance</keyword>’s annual debt will go up by $3 billion per annum and impact cash flows. </li></ul>Reliance has always gone big – and every capex cycle it undertakes is bigger and ‘newer’ than the last. The oil to telecom to retail major is now entering into the fourth capex cycle, according to Morgan Stanley, after the company pledged a massive ₹75,000 crore (approx. $9.4 billion) investment into a new energy ecosystem. In his own words, RIL’s chairman <keyword id="3820" type="General" weightage="50" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> called it the most ambitious ever, at the 45th annual general meeting. In its latest report, Morgan Stanley says that every time RIL re-imagined its business, it has executed above investor expectations. “Investment cycles have unwound with around two to three times value creation for shareholders in the last two decades with every decade seeing around $60 billion in market cap creation,” the report says. This fourth cycle will also produce higher value quickly as its new energy pivot is integrated with its chemicals business and its own large captive use. “RIL’s integrated approach on solar panels and mobility/storage batteries, and focus on providing an alternative to China does stand out and we see up to $60 billion value creation in the new energy business by 2025. We raise our base case new energy valuation to $32 billion to account for quicker monetization,” the report says. RIL, which is a net energy consumer at Jamnagar, will make the green choice by putting more solar and green hydrogen projects that can help reduce its own energy costs. Moreso, it will also focus on producing high value added chemicals from its petcoke gasifiers. It will also enter the engineering, procurement and construction business for selling panels and sell panels with solutions on the back of multiple investments in technology to global customers. “We estimate the business to contribute to around $1 billion in EBITDA by 2027,” the report said. How did the past RIL capex cycles work? Starting in 1997 with Jamnagar refinery commissioning, RIL has gone through three important capex cycles so far. These pertain to gas fields at KGD6, the Jamnagar expansion in 2012 and the great re-entry into telecom. While they did create value, it did not come at no cost to the organization in the form of write-offs, impairments and ‘challenged capex’. “In every capex cycle, RIL also had its share of challenges, such as the write off of investments for petcoke gasifiers, telecom spectrum and upstream shale investments,” the report said. RIL had invested in three shale gas assets in 2010 and 2013 but exited them in 2017. In addition to investing in KGD6 block in the Krishna Godavari which is producing over 25 mmscmd of gas, RIL had also invested in Cauvery and Mahanadi basins over the years. RIL also had to rejig its investments in retail between 2006-2010 and emerged stronger in 2015-16, the report said. RIL capex that was challenged <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Challenged capex </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY03-FY10 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$12.5 billion upstream exploration and production -Includes $2.7 billion impairment taken on shale investments </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY12-FY16 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$8 billion capex into petcoke gasifier </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY18 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2 billion spectrum writeoff </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$4 billion impact on petcoke gasifier value during hiveoff </td></tr></tbody></table>Source: Morgan Stanley Telecom and retail businesses are ‘settling’ Morgan Stanley believes that the timing for new energy investments is ripe. Its other businesses are unwinding and expected to unwind faster in the future. After kick starting the business with ‘free data’ and still retaining the tag of providing the cheapest data offerings, <keyword id="2003276" type="General" weightage="50" keywordseo="jio" source="Orion">Jio</keyword> is on the verge of reaping benefits. Telecom business has become a three-player market and the report expects the average revenue per user to grow by over 50% over the next four to five 5 years. That means Jio’s revenues can expand to 1.6 times its FY22 levels. It also expects its 5G investments to yield quicker monetization than 4G did. The biggest advantage that new energy investments bring is the global and national support as India pledges to move towards Net Zero emissions by 2070. However, green hydrogen, solar panels and battery technology is a fast evolving sector with new changes afoot. “Policy support in this cycle is also increasing for the new energy vertical and the government recently approved a bill in parliament to raise the use of alternative fuels, provide incentives for investments in new energy and start carbon trading also points to rising total addressable market for RIL – something we saw less of in previous cycles,” the report said. But there is a catch. For its new energy business to run smoothly, RIL needs its refining business to hold steady. Refining margins fund nearly a third of RIL's investment plans and if margins were to decline to cycle low as the business is cyclical — it will reduce operating cash flows by 20% and annual debt would rise by $3 billion, as per Morgan Stanley’s calculations. “While cycle low gross refining margins are not sustainable as there would be a supply response, we do see a net impact of 15% hit to our net asset value as RIL would see its multiple de-rate as well,” the report said. SEE ALSO <a href="https://www.businessinsider.in/business/corporates/jamnagar-is-going-green-but-on-the-back-of-its-oil-and-chemicals-business/articleshow/93859168.cms">Jamnagar is going green but on the back of its oil and chemicals business</a> <a href="https://www.businessinsider.in/business/corporates/news/gautam-adanis-overly-ambitious-growth-plans-can-spiral-into-a-massive-debt-trap-fitch/articleshow/93725014.cms">Gautam Adani’s overly ambitious growth plans can spiral into a massive debt trap: CreditSights report</a> <a href="https://www.businessinsider.in/finance/news/worst-of-times-can-also-be-the-best-of-times-says-anand-mahindra/articleshow/93376032.cms">Worst of times can also be the best of times, says Anand Mahindra</a>

RIL’s fourth capex cycle will unwind with $60 billion value creation, says Morgan Stanley

<ul><li><keyword id="46038" type="General" weightage="20" keywordseo="indian-markets" source="Orion">Indian markets</keyword> opened slightly lower as SGX Nifty, an early indicator of the market, was down 0.26%.</li><li>Most global markets including peers <keyword id="35189" type="General" weightage="20" keywordseo="asian-markets" source="Orion">Asian markets</keyword> gave negative cues ahead of a key Fed rate decision due this week.</li><li>RIL, Infosys, ICICI Bank among stocks to watch out for on July 25.</li></ul>Indian stock markets opened lower, following its Asian peers. However, the shares of RIL which fell by 4% in early morning trade, dragged the indices further further down. The oil to telecom major missed analysts’ expectations in June quarter in spite of a 46% jump in net profit to ₹17,955 crore. <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> lost 500 points in opening trade at 55,656 while <keyword id="66115" type="General" weightage="20" keywordseo="nifty-50" source="Orion">Nifty 50</keyword> fell by 150 points to 16,607. This is a trend reversal from last week, which had picked up on positive corporate earnings reports. The Nifty50 index ended last week with the highest gain in the last 75 weeks, said Apurva Sheth, head of market perspectives at Samco Securities. Some of the credit also goes to foreign portfolio investors or FPIs who turned net buyers for the first time in nine months in Ju<a href="https://www.businessinsider.in/stock-market/news/fpi-selling-intensity-abates-in-july-as-global-macros-improve-commodity-prices-cool/articleshow/93003529.cms">ly, as their selling intensity abated</a>. However, analysts were disappointed with a few corporate earnings presented in the post markets close and the weekend. "RIL's results, though impressive on the telecom and retail front, fell slightly below expectations in the refining space. ICICI Bank's results are the best in the banking segment," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services told PTI. Infosys stock was also down by 0.75% in early trade, as it announced its results on Sunday, July 24. Among other top losers was Zomato that lost 12% of its value in opening trade as the one year lock-in period of promoters, shareholders, employees and others ended today. Markets were largely expected to remain volatile this week as the Fed is to announce its decision on interest rates and the US will release second quarter gross domestic product data; later in the week. The movement of the falling rupee is also expected to impact the direction of the market. In Asia, markets in Tokyo, Shanghai and Hong Kong were trading lower, while Seoul quoted in the green. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-falls-500-points-nifty-50-down-150-on-ril-and-weak-global-cues/articleshow/93103359.cms">Sensex falls 500 points, Nifty 50 down 150 on RIL and weak global cues</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/why-is-zomato-share-price-down-today/articleshow/93101975.cms">Zomato tanks 14% wiping out ₹1,000 crore investor wealth – here’s what is happening</a>

Sensex sheds 500 points, Nifty 50 down 150 on RIL and weak global cues

<ul><li>Indian benchmark indices <keyword id="6484188" type="General" weightage="80" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> edged lower in morning trade on Friday amid negative cues in global markets. </li><li>Realty, metal and auto stocks declined while FMCG and media stocks edged up. </li><li>Both the benchmark indices were down 0.1%, with Sensex at 59,579 points and Nifty50 at 17,596 points.</li></ul>Indian benchmark indices Sensex and Nifty50 edged lower in morning trade on Friday amid negative cues in global markets. Realty, metal and auto stocks declined while FMCG and media stocks edged up. Both the benchmark indices were down 0.1%, with Sensex at 59,579 points and Nifty50 at 17,596 points. Top gainers and losers on Nifty50 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.69% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.92% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospitals </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.96% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.76% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divi's Laboratories </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.91% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco Industries </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.51% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cipla </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.86% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.33% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPCL </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.86% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.19% </td></tr></tbody></table> Source: NSE, as on April 21, 2023 Earlier on Thursday, markets snapped a three-day losing streak to close in the green, with Sensex gaining 0.11% and Nifty50 gaining 0.3%. <keyword id="141968" type="General" weightage="80" keywordseo="hcl-tech" source="Orion">HCL Tech</keyword> delivered its Q4 results on Thursday, with results in line with analyst expectations. While its attrition cooled down in line with that of its peers TCS and Infosys, it also guided for 6-8% revenue growth, nearly half of its FY23 growth of 13.7%. <cmsannotation type="cmsannotation" annotationid="Global markets in the red" comment="subhead" text="Global markets in the red">Global markets in the red</cmsannotation> Markets in the US closed in the red on Thursday, with Dow Jones declining 0.33% while S&amp;P 500 fell 0.6%. The tech-heavy Nasdaq was down 0.8%. Asian markets were largely in the red, too, on Friday morning. KOSPI declined the most at 0.72%, while Hang Seng was a close second with a fall of 0.67%. Shanghai Composite was down 0.54%, while Taiwan Weighted was down 0.24%. Nikkei 225 was flat. Gold prices edged up a little to INR 60,508 per 10 grams ahead of the auspicious occasion of Akshay Tritiya which sees an increase in purchase of the yellow metal. Crude oil prices continued to cool down, with Brent crude now hovering around the $81 per barrel level. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> HCL Technologies: The IT company’s revenue grew 13.7% in FY23 in constant currency terms and also met its FY23 revenue forecasts as it had guided it to be anywhere between 13.5-14%. Its operating margin fell sharply in Q4 to 18.1% in Q4 from 19.6% in Q3. ICICI Life Insurance: The insurer has reported a 27% growth in net profit at ₹235 crore as compared to ₹185 crore in the previous year period aided by a strong growth in value of new business. <keyword id="28423" type="General" weightage="100" keywordseo="vedanta" source="Orion">Vedanta</keyword>: Billionaire Anil Agarwal owned company has pledged 2.44% stake in group company <keyword id="115997" type="General" weightage="80" keywordseo="hindustan-zinc" source="Orion">Hindustan Zinc</keyword> to raise ₹1,500 crore as it is struggling to meet its debt obligations. With this, Vedanta’s pledged shares in Hindustan Zinc rose to 91.35% or about 59.3% of the company’s overall shares. Rail Vikas Nigam: The consortium of the company and Siemens received two separate orders from Gujarat Metro Rail for phase 1 of Surat Metro and phase 2 of Ahmedabad metro. Earnings today: Reliance Industries, Hindustan Zinc, Aditya Birla Money, Tejas Networks, Bheema Cements, Metalyst Forgings among companies to report March quarter earnings today. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-projects-its-revenue-to-grow-between-6-8-in-fy24/articleshow/99644337.cms">HCL Tech projects its revenue to grow between 6-8% in FY24</a> <a href="https://www.businessinsider.in/finance/news/here-are-the-many-ways-you-can-invest-in-gold-this-akshaya-tritiya/articleshow/99635639.cms">Here are the many ways you can invest in gold this Akshaya Tritiya</a> <a href="https://www.businessinsider.in/business/corporates/news/sbi-icici-bank-ongc-tata-motors-bpcl-will-drive-niftys-earnings-in-q4-2022-23/slidelist/99632153.cms">5 companies that will drive Nifty’s earnings in Q4</a>

You Searched For "ril market value" and got 9 results

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