Reliance Industries Rides High on Robust Quarterly Profits
Reliance Industries Ltd experienced a 3% stock jump following a 9.6% yearly rise in Q2 profits, largely due to its telecom and retail sectors. The market cap rose by Rs 53,114.95 crore, boosting stock indices. However, profit decreased sequentially by 33%, despite improvements in consumer and oil-to-chemicals segments.
- Country:
- India
Reliance Industries Ltd's shares surged by 3% on Monday after the conglomerate announced a 9.6% year-on-year increase in net profits for the September quarter. This surge was fueled by impressive performances in their consumer-oriented retail and telecom businesses, coupled with a recovery in the essential oil-to-chemicals sector.
As a result of these gains, the company's market valuation climbed significantly, adding Rs 53,114.95 crore to reach Rs 19,70,598.66 crore during the morning trading session. This rally also had a positive impact on broader market indices, elevating both the BSE Sensex and the NSE Nifty.
While Reliance's quarterly net profit rose to Rs 18,165 crore, there was a sequential decline of 33% from the previous quarter. Telecom earnings rose by 13% year-on-year, thanks to increased customer numbers and revenue per user, while retail earnings jumped by 22%. The oil-to-chemicals business also benefited from improved refining margins and elevated crude oil processing levels.
Google News