Reliance Industries: On track to recovery; Rating 'Outperform'
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RIL reported a 6% year-on-year growth in standalone profit after tax to Rs 56.5 bn (estimate of R54.4 bn). Consolidated earnings (reported for the first time quarterly) were at R59.6 bn, growth of 14% y-o-y, led by US shale and retail turnaround.
Refining margins at $8.7/bbl marginally beat est of $8.6/bbl, driving Ebit of R37.7 bn (+28% y-o-y, 3% above the rest) But petchem disappointed with Ebit of R18.9 bn (-10% quarter-on-quarter) well below estimates.
Ebitda (earnings before interest, taxes, depreciation, and amortisation) at R75.3 bn, came in 11% below estimates. A sharp increase in other opex (operating expenses) due to a one-time increase in fuel and power expenses drove this miss. We believe opex would moderate to normative levels over the rest of FY15e.
Other Latest News
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Technology giant IBM is set to eliminate thousands of positions as it redirects attention towards its high-margin software division, Reuters reported on Wednesday. The layoffs are expected to take place this quarter as the company intensifies its focus on software and services.
“We routinely review our workforce through this lens and at times rebalance accordingly,” a company spokesperson was quoted as saying.
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Bollywood actor Salman Khan has landed in legal trouble after a complaint was filed against him in the Kota Consumer Court, alleging that advertisements for a popular pan masala brand endorsed by him were "misleading."
The complaint, filed by senior Bharatiya Janata Party (BJP) leader and Rajasthan High Court advocate Inder Mohan Singh Honey, seeks a ban on such advertisements.
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Congress MP Rahul Gandhi is going to address a press conference at the AICC headquarters in New Delhi on Wednesday at 12 PM, where speculation is rife that he may make a major revelation, referred to earlier as a "hydrogen bomb" linked to his allegations of vote theft and irregularities in the electoral rolls.
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The correction in the Indian stock market is over, believe analysts at Morgan Stanley, as the key factors driving India’s underperformance compared to emerging market (EM) peers are reversing.
In a bull-case scenario – to which they attach a 30 per cent probability – Morgan Stanley sees the Sensex hitting the 100,000 mark by June 2026.
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Even as other telecom companies are also hopeful of getting a breather, the written order of the latest Supreme Court verdict, linked to adjusted gross revenue (AGR) dues, suggests that the scope has not been broadened beyond Vodafone Idea (Vi).
In the written order copy uploaded on Tuesday, a two-judge Bench of Chief Justice of India Justice B R Gavai and Justice K Vinod Chandran said that the October 27 order passed by it would only change to the extent that the Centre would be allowed to re-examine the entire AGR dues of Vodafone Idea up to financial year 2016-17, instead of just the additional demand.
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