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Reliance Industries shares slip despite better than expected Q3 results

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Reliance Industries, owner of the world's biggest refining complex, has reported a marginal increase in third quarter net profit. Reliance Industries, owner of the world's biggest refining complex, has reported a marginal increase in third quarter net profit.
SummaryReliance Industries shares fell by nearly 2 per cent in morning trade.

Shares of Reliance Industries (RIL) today fell by nearly 2 per cent in morning trade even as the company beat street estimates by reporting a marginal increase in third quarter net profit.

RIL's scrip fell by 1.82 per cent to Rs 868.65 on the BSE.

On the NSE, the stock was down 1.63 per cent to Rs 870.25.

The bellwether scrip was the worst performer among the blue-chips on both BSE Sensex and NSE Nifty.

The result was announced after market hours on Friday, January 17, 2014.

Reliance Industries, owner of the world's biggest refining complex, on Friday reported a marginal increase in third quarter net profit, helped by a rise in revenue from its non-core business.

"RIL's Q3 FY'14 net profit came in-line with our estimate. Its net sales increased 10.3 per cent y-o-y below our estimate," brokerage firm Angel Broking said in a report.

Profit rose 0.2 per cent to Rs 5,511 crore, or Rs 17.10 a share, in the October-December quarter from Rs 5,502 crore, or Rs 17 a share, a year earlier.

The markets expected profit to range between Rs 5,310 and Rs 5,350 crore. Earnings were also higher than the Rs 5,490 crore posted in the second quarter.

Sales rose 10.5 per cent to Rs 106,383 crore.

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