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Valuation, Jio subscribers miss cap upsides for Reliance Industries

With low visibility in tariff hikes, strategic sale in oil-to-chemical biz a near-term trigger

reliance jio, RIL
For the first time since its launch five years ago, Reliance Jio reported a decline in net subscriber additions

The disappointment in the telecom vertical could be a near-term overhang for Reliance Industries (RIL), India’s largest company by market capitalisation. The miss on the subscriber addition front in the September quarter has led to a downward revision of up to 2.5 per cent in the operating profit and net profit estimates by brokerages for the current and the next financial years. The valuation could be the other factor capping near-term gains.  The stock has gained 29 per cent since the start of August — about twice that of the Sensex’s returns over the same ...