#faanglike

Reliance’s FAANG-like valuation misplaced, Edelweiss says

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India’s stock markets have “significantly and prematurely” driven up the valuation of Reliance Industries Ltd. to levels enjoyed by the so-called FAANG companies in the U.S., according to Edelweiss Securities Ltd.

While the global tech giants have large free cash flows, for Reliance it is its legacy oil-to-chemicals business that will continue to generate the bulk of the cash, analysts…