Reliance Industries record profit at Rs 18,549 Crore, Beats Street Estimates; Jio profit at Rs 3,615 Crore
Reliance Industries Q3 numbers are absolutely stellar by any measure: Prakash Diwan
Market expert Prakash Diwan said the conglomerate’s quarterly numbers are “absolutely stellar by any measure.”
“You just have to look at each of these verticals. Everywhere, over the last few quarters, and you add a little bit of lag, whether it’s in oil and gas, where there was a problem in terms of things that don’t didn’t finally fall into place… You had the Future Retail issue; the tiff with Amazon took its toll, and things had to be pushed. Jio had its own share of issues; the launch was delayed and ARPUs are not increasing. But everything seems to be falling into place,” he said.
Diwan thinks the stock has held up in the market “even where in 4-5 days you’ve seen all this FII selling… Large cap erosion still hasn’t impacted this action. Anecdotally, Reliance didn’t move very significantly after the results. It sort of pauses, consolidates a bit, then kind of takes off, and those numbers are absolutely out of the park. We’re waiting. just to hear comments about the new energy sector. If that’s also the case something positive, I don’t think you could ask for more,” he added.