Reliance Industries (RIL) reported a 31% jump in consolidated net profit to Rs 13,248 crore in Q1 June 2020 compared with Rs 10,141 crore in the corresponding period of last year. Consolidated total income for the quarter stood at Rs 95,626 crore, down 42.11% compared with Rs 165,199 crore year-on-year.
The decline in revenue was primarily due to fall in O2C revenues, led by sharp decline of 57.6% in average Brent crude price. Retail business also witnessed 17% decline in revenues due to lockdown and restrictions in store operations. Overall decline in revenue was partially offset by increase in revenue of Digital services business with strong subscriber addition and significant improvement in ARPU.
Wipro announced that Metro Bank, a large UK based retail and commercial bank, has awarded a multi-year contract to deliver and transform Testing and Environment Management Services.
State Bank of India, Tata Motors, Sun Pharmaceutical Industries and Indian Oil Corporation will announce their April-June their quarterly results today, 31 July 2020.
Indian Overseas Bank's board approved raising up to Rs 500 crore through equity and Rs 1,500 crore in Tier II capital.
Rain Industries reported 78.88% fall in consolidated net profit to Rs 26.54 crore on 29.19% fall in total income to Rs 2,387.39 crore in Q2 June 2020 over Q2 June 2019.
Linde India reported 1.74% fall in consolidated net profit to Rs 19.81 crore on 49.8% fall in total income to Rs 251.35 crore in Q2 June 2020 over Q2 June 2019.
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Essel Propack reported 13.28% rise in consolidated net profit to Rs 44.45 crore on 15.33% rise in total income to Rs 746.64 crore in Q1 June 2020 over Q1 June 2019.
Kesoram Industries said that the board of directors of the company approved a fund raising plan of an amount aggregating up to 2,000 crore, by way of equity and/or debt instruments including Non-Convertible Debentures and/or Preference Shares for the company and also including Rights Issue and/or Preferential Allotment and/or by a combination of any.
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