Reliance Industries Shares Surge Nearly 4 Percent Post Q1 Earnings

Reliance Industries Shares Surge Nearly 4 Percent Post Q1 Earnings

Shares of Reliance Industries today closed the day with nearly 4 per cent gains after the company reported its highest quarterly consolidated net profit of Rs 9,108 crore in three-months to June 30.

The scrip of Reliance Industries (RIL) went up by 3.76 per cent to close at Rs 1,586.20 on BSE. Intra-day, it gained 4.15 per cent to Rs 1,592.20 — its multi-year high.

At NSE, shares of the company moved up by 3.66 per cent to end at Rs 1,585.

Led by the gain in the stock, the company’s market valuation surged Rs 18,724.39 crore to Rs 5,15,790.39 crore.

In terms of volume, 19.76 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day.

Oil-to-telecom conglomerate RIL yesterday reported its highest quarterly consolidated net profit of Rs 9,108 crore in three-months to June 30 on the back of higher petrochemical margins and one-time gain from sale of African asset. Net profit in the April-June quarter of current fiscal at Rs 9,108 crore (Rs 30.8 per share) was 28 per cent higher than Rs 7,113 crore (Rs 24.1 a share) in the same period of the last financial year, RIL said in a statement. “Strong refining and petrochemicals margin environment contributed to higher operating profits for the quarter,” it said.

Revenue of the company grew 26.7 per cent to Rs 90,537 crore primarily on account of increase in prices and volumes of refining and petrochemical products, partially offset by lower prices and volumes from oil and gas exploration and production business.

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Besides, Mukesh Ambani today announced the launch of a 4G-enabled feature phone priced at “effective” zero that bundles life-long free voice calls with dirt cheap data in a bid to woo 50 crore low-income users to his 10-month old Jio.

RIL also announced one bonus share for every share held – the first such issue after 12 years, and a dividend of Rs 13 a share. “The bonus announcement would also help improve investor sentiments further,” said Nitasha Shankar, Senior Vice President and Head of Research, YES Securities.

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