After Reliance Industries reported strong refining margins, the shares of the company crossed 900-mark for the first time on Wednesday.
After Reliance Industries reported strong refining margins, the shares of the company topped Rs 900 after bonus on Wednesday. Reliance Industries’ shares were up 4.81% at Rs 916.40 at day’s close. In July, Reliance Industries had announced bonus shares in the ratio of 1:1. Oil-to-telecom conglomerate RIL on Friday reported a 12.5% jump in the July-September quarter net profit after refining margin soared to nine-year high and mobile telephony venture earned an operational profit.
Net profit for the second quarter of the current financial year was Rs 8,109 crore, or Rs 13.7 per share — higher than Rs 7,209 crore, or Rs 12.2 a share, in the same period of last fiscal. Its total revenue was up 23.9 per cent at Rs 1,01,169 crore. Reliance Industries refining business recorded a healthy increase in both prices and volumes. The refining margin at $12 per barrel rose to a nine-year high from $10.1 per barrel in the same quarter a year ago.
This time, RIL’s results release included a detailed report on the performance of its disruptive venture Jio Infocomm, which has taken the Indian telecom industry by storm. The telecom business reported a net loss of Rs 271 crore, but was profitable on the EBIT level at Rs 260 crore. “The strong financial results of Jio demonstrates the robust business model of Jio and the significant efficiencies that the Company has built through its investment in the latest 4G technology and right business strategy,” Mukesh Ambani said in the statement.
Reliance owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications. Reliance is the most profitable company in India, the largest publicly traded company in India by market capitalization. Recently, Reliance Industries exited the last of its overseas oil and gas assets after it relinquished two blocks in Myanmar. With this, the oil-to-telecom conglomerate is left with no conventional oil and gas property overseas. It has just two shale gas assets in the US.