Investor Education Initiative:
* Market on small Technical correction:
* Reliance shows the way for growth despite pandemic:
* New taxes on Health & Education in Budget.
* Oil prices heading towards 3 digit mark;
Christopher Wood remains bullish on Indian markets despite run-up; prefers real-estate sector.
Wood continues to maintain a bullish view on the Indian equities in 2021 even after such a major rally. Wood expects this earnings momentum to continue. He sees earnings growing by 37 percent in FY22. Among sectors, the report remains bullish on the real estate sector on the back of expected sales revival after a prolonged slump.
Jefferies’ Christopher Wood has maintained a bullish view on the Indian equities in 2021, not deterred by the Sensex’s bull run. The front line BSE index touched scaled the 50,000 mark for the first time ever on January 21, rising nearly 100 percent from its multi-year low, hit in March 2020, owing to the coronavirus-induced economic slowdown.
In this week’s GREED & fear report, Woods says the key reason for this surge is the scale of the cyclical recovery in the coming fiscal year post the dramatic collapse in growth in the Q2 of 2020 when the real gross domestic product (GDP) declined by 23.9 percent YoY in that quarter. For FY22, Wood sees real GDP rising by 13.2 percent YoY.
Reliance Industries Q3 net profit up 40% to Rs 14,894 crore; revenue at Rs 1.23 lakh crore Reliance Industries Ltd (RIL), India’s largest private sector company, reported a 40.5 percent sequential growth in consolidated net profit at Rs 14,894 crore for the third quarter of fiscal 2021 led by a revival in Oil To Chemicals and retail segments. The company had posted a net profit of Rs 10,602 crore in the previous quarter.
The oil-to-telecom conglomerate’s consolidated revenue from operations during the quarter increased 6.7 percent to Rs 1,23,997 crore from Rs 1,16,195 crore, QoQ.
“At a time when the Indian economy is poised for a confident recovery, we at Reliance are humbled that we have been able to contribute to it with our Company’s impressive performance in the third quarter of FY21. We have delivered strong operational results during the quarter with a robust revival in O2C and Retail segments, and a steady growth in our Digital Services business,” said Mukesh Dhirubhai Ambani, Chairman and Managing Director, RIL.
RIL’s Oil To Chemicals business segment revenues for Q3FY21 increased by 10.0 percent QoQ to Rs 83,838 crore primarily on account of higher volumes mainly in Transportation fuels, PTA and Polyester supported by improved product realization across Polymers, Intermediates and Polyester, the company said in a regulatory filing.
Segment EBITDA during the quarter improved by 10.3 percent QoQ to Rs 9,756 crore primarily on account of higher product sales and shifting of product placement from exports to domestic market.
On O2C basis, total throughput has increased from 16.8 MMT to 18.2 MMT on QoQ basis due to improved product demand in Q3 and scheduled shutdown taken in Q2.
Budget 2021: Government mulls health and education cess hike up to 2%
The government is contemplating hiking health and education cess by up to two percent to fund healthcare expenditure. People in the know have further told that the Revenue Department of the Finance Ministry is reviewing such a proposal currently and deliberations are underway.
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