Reliance Industries rose 4.53% to Rs 953.50 at 09:18 IST on BSE after consolidated net profit rose 12.52% to Rs 6720 crore on 33.8% decline in turnover to Rs 75117 crore in Q2 September 2015 over Q2 September 2014.
The result was announced after market hours on Friday, 16 October 2015.
Meanwhile, the S&P BSE Sensex was up 76.70 points or 0.28% at 27,291.30
On BSE, so far 1.31 lakh shares were traded in the counter as against average daily volume of 3.65 lakh shares in the past one quarter.
The stock hit a high of Rs 959 and a low of Rs 941.60 so far during the day. The stock had hit a 52-week high of Rs 1,067 on 23 July 2015. The stock had hit a 52-week low of Rs 796.75 on 30 March 2015.
The large-cap firm has equity capital of Rs 3238.83 crore. Face value per share is Rs 10.
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A strong showing of the refinery business and increase in profit margins of the petrochemicals business led to a stronger-than-expected growth in Reliance Industries (RIL)'s bottom line in Q2 September 2015. RIL's gross refining margins (GRM) hit a seven year high of $10.6 per barrel in Q2 September 2015. The GRM was $8.3 per barrel in Q2 September 2014. The profitability of the petrochemicals business improved due to a combination of strong volume growth, product mix improvement and lower energy costs.
RIL's bottom line was also boosted by exceptional one-time gain of Rs 252 crore in Q2 September 2015. This was a net impact of gains of Rs 2911 crore (net of taxes) on sale of investment in EFS Midstream LLC and provision for impairment in US shale gas assets amounting to Rs 2659 crore (net of tax). It may be recalled that Reliance Holding USA, Inc, a subsidiary of RIL concluded the sale of its interest in EFS Midstream LLC to an affiliate of Enterprise Products Partners L.P. in July 2015. EFS Midstream provides natural gas gathering, treating, compression and condensate processing services in the Eagle Ford Shale.
According to RIL, the near term outlook for the US shale gas business remains challenging due to weak macro environment. The long term outlook for the business remains promising.
With regard to the progress of the roll out of the broadband business, RIL said that the network roll-out across the country is substantially complete. RIL's subsidiary Reliance Jio Infocomm (RJIL) is implementing the ambitious broadband project. FY 2017 (year ending 31 March 2017) will be the first full year of commercial operations of RJIL.
Meanwhile, RIL also announced in its Q2 September 2015 investor presentation that RJIL and Reliance Communication have decided to share spectrum in 800 MHz band in 7 telecom circles.
RIL is a diversified firm having presence in oil exploration, petrochemicals, retail and telecom sectors.
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