RIL Drops On Profit Booking

RIL Drops On Profit Booking

Reliance Industries fell 1.63% to Rs 1,526 at 10:39 IST on BSE, with the stock sliding on profit booking after recent rally.

Meanwhile, the S&P BSE Sensex was down 207.49 points or 0.65% at 31,867.29.

On the BSE, 1.20 lakh shares were traded on the counter so far as against the average daily volumes of 3.98 lakh shares in the past one quarter. The stock had hit a high of Rs 1,551.50 and a low of Rs 1,523.70 so far during the day. The stock had hit a 52-week high of Rs 1,558.80 yesterday, 17 July 2017 and a 52-week low of Rs 932 on 9 November 2016.

The stock had outperformed the market over the past one month till 17 July 2017, advancing 11.78% compared with the Sensex’s 3.28% rise. The stock had also outperformed the market over the past one quarter, gaining 11.53% as against the Sensex’s 9.05% rise. The scrip had also outperformed the market over the past one year, advancing 53.21% as against the Sensex’s 15.23% rise.

The large-cap company has equity capital of Rs 3251.74 crore. Face value per share is Rs 10.

Shares of Reliance Industries (RIL) had witnessed a pre-result rally. The stock had surged 12.39% in the preceding eleven trading sessions to settle at Rs 1,551.35 yesterday, 17 July 2017, from its close of Rs 1,380.25 on 30 June 2017. RIL is scheduled to announce Q1 June 2017 results on Thursday, 20 July 2017.

Meanwhile, recent media reports suggested that the government has ordered RIL, Shell and ONGC to pay a combined $3 billion in penalty following an arbitration award in the Panna Mukta Tapti (PMT) oil field dispute that went in favour of the government.

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According to reports, the oil ministry sent out a demand notice last month to RIL and Shell, which own 30% each in the PMT fields off the Mumbai coast, as well as to ONGC that owns the balance 40% participating interest. The three companies have to pay the penalty proportionate to their stake in the fields, reports added.

The dispute over state share of profit petroleum and royalty from the PMT fields raged for many years. Late last year, a London-based tribunal of arbitrators issued a final partial award (FPA), upholding key contentions of the government.

On consolidated basis, net profit of RIL rose 11.5% to Rs 8053 crore on 42.1% rise in net sales to Rs 84823 crore in Q4 March 2017 over Q4 March 2016.

RIL is India’s largest private sector company. RIL’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications.



Source Link – Business Standard

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