Tue Oct 15 13:56:08 UTC 2024: ## Reliance Industries Shares Under Scrutiny Following Q2 Profit Dip
**Mumbai, October 15** – Reliance Industries, the oil-to-telecom conglomerate, saw its share price come under scrutiny on Tuesday following a decline in net profit for the July-September quarter. The company reported a consolidated profit of ₹16,563 crore, marking a 4.7% decrease compared to the same period last year.
The dip in profit was primarily attributed to weaker performance in the core oil-to-chemicals segment and the retail business, impacted by unfavorable global demand-supply dynamics. While consolidated revenue remained stable at ₹2,35,481 crore, consolidated EBITDA (earnings before interest, tax, depreciation, and amortization) saw a marginal 2% year-on-year increase, reaching ₹43,934 crore.
Analysts are watching the stock’s movement closely, with technical analyst Kushal Gandhi from StoxBox highlighting the current consolidation phase within a 15% range. He suggests a fair value area between ₹2,810-2,705, serving as a demand zone.
However, Gandhi advises investors to hold off on buying the stock until it reclaims its 200 daily moving average, currently acting as immediate overhead resistance near ₹2,912. He cites the relatively weak relative strength compared to the Nifty50, EPS strength, buyer demand, and less favorable technical indicators as reasons for caution.
Despite the profit decline, Reliance Chairman and Managing Director Mukesh Ambani highlighted the robust growth in digital services and upstream business, which helped partially offset the weakness in the O2C (oil-to-chemicals) segment.
Reliance Industries shares closed 0.11% higher at ₹2,745.20 apiece on the BSE on Monday.
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