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Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

Reliance Industries’ Stock Tanks 23 Pc From Its July High

OMMCOM NEWS by OMMCOM NEWS
December 24, 2024
in Business

Mumbai:  The stock of Reliance Industries Limited (RIL), India’s largest company by market capitalisation, has slipped by 23 per cent from its highest level in July this year.

If the stock fails to rise 5 per cent in the remaining five trading sessions this calendar year, the company will not only record its longest monthly losing streak since the Covid-19 markets’ slump but also give negative returns for the first time in the last 10 years.

According to stock exchange data, RIL’s market cap declined by about Rs 5 lakh crore from its peak of Rs 21.50 lakh crore in July to Rs 16.5 lakh crore.

Meanwhile, Tata Consultancy Services (TCS), India’s largest IT company owned by the Tata Group, as well as the country’s largest bank by market capitalisation, HDFC Bank, are quickly catching up to dethrone the conglomerate from its top spot.

TCS’ market cap surged to Rs 15 lakh crore from Rs 13.72 lakh crore in January this year, and is closest to dethroning RIL from its top spot.

HDFC Bank’s market cap increased to Rs 13.74 lakh crore from Rs 12.95 lakh crore this year.

Both TCS and HDFC Bank stocks performed well in 2024. TCS railed nearly 10 per cent and HDFC Bank surged around 7 per cent (as per the December 24 closing).

Investors remain optimistic about TCS and HDFC Bank due to the global rate cut cycle. On the other hand, RIL’s earnings have consistently remained weaker than estimates.

RIL’s earnings per share estimates for the next year have fallen by 16 per cent since the beginning of the current financial year.

Despite the decline in Reliance Industries’ earnings, brokerages remain bullish on the stock. Recently, Morgan Stanley gave an overweight rating to RIL.

(IANS)

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