Meanwhile, the BSE Sensex was down 420.49 points, or 4.48%, to 8963.97.On BSE, 14.67 lakh shares were traded in the counter. The scrip had an average daily volume of 18.10 lakh shares in the past one quarter.The stock hit a high of Rs 1164 and a low of Rs 1081 so far during the day. The stock had a 52-week high of Rs 3252.10 on 15 January 2008 and a 52-week low of Rs 930 on 27 October 2008.The stock has lost 15.81% from a recent high of Rs 1303.05 on 10 November 2008.
The stock had underperformed the market over the past one month till 14 November 2008, declining 29.09% as compared to the Sensex's 18.27% decline. It had also underperformed the market in the past one quarter, falling 49.52% as compared to the Sensex's fall of 36.26%.
India's largest private sector company by market capitalisation and oil refiner has an equity capital of Rs 1573.79 crore. Face value per share is Rs 10.
The current price of Rs 1097 discounts its Q2 September 2008 annualised EPS of Rs 113.40, by a PE multiple of 9.67.
Recently, ABN Amro cut its target price on the Reliance Industries (RIL) stock by a whopping 38% to Rs 1150 while maintaining a 'sell' rating as it expects grim scenario for the company's refining business due to slowdown in global oil demand, on the back of expected slowdown in global GDP, and new refining capacity.
Reliance Industries (RIL)'s net profit rose 7.4% to Rs 4122 crore on 39.8% growth in net sales to Rs 44787 crore in Q2 September 2008 over Q2 September 2007.
On 3 October 2008, RIL said it had allotted 12 crore equity shares of face value Rs 10 each to various promoter group firms upon exercise of rights attached to warrants held by them. These equity shares would be subject to a lock-in for a period of three years from the date of allotment of the warrants. The conversion price for the warrants is Rs 1,402 per share.
RIL manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, Gujarat that produces a wide range of products such as gasoline, superior kerosene oil and liquified petroleum gas.
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