Shares of Reliance Industries Ltd. were trading lower as OPEC+ announced production cuts and investors took stock of the value unlocking exercise at the oil-to-telecom conglomerate, starting with its financial services business.
Oil prices surged as much as 8% after the shock announcement by OPEC+ to reduce output by around 1.16 million barrels a day. Russia, a member of OPEC+, also said it will extend its cuts of 500,000 barrels per day to the end of this year.
-
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI -
"I Am A Material Man In A Material World': Quantum Advisors' Ajit Dayal On NDTV Profit Ignite
The U.S. has called the OPEC+ decision ill-advised at a time when global central banks have yet to tame inflation triggered by higher energy prices following Russia's invasion of Ukraine. The plan to lower output comes when demand for crude is expected to fall as the global economy cools.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
For Reliance, the crude price is not the only trigger. The conglomerate has decided to spin off Jio Financial Services Ltd., mirroring the shareholding of its parent. Reliance Industries had approved a scheme for the demerger of its financial services business in October last year. Investors are now watching to see if it will follow the same playbook for its retail and digital services businesses.
Shares of RIL were trading 0.25% lower at 12:39 p.m., compared with an almost unchanged Nifty 50. Shares of Reliance ended almost unchanged at Rs 2331.45 on Monday.
The total traded volume was 33% lower than the daily average.
Of the 37 analysts tracking the company, 32 maintain a 'buy' rating, three recommend a 'hold, and two suggest to 'sell' the stock, according to Bloomberg data. The average of the target prices suggests a potential upside of 22.8% over the next 12 months.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
