RIL slumps after declaring Q3 result

Reliance Industries lost 4.63% to Rs 1,095.70 at 12:41 IST on BSE after the company declared Q3 result after market hours on Wednesday, 17 October 2018.

Meanwhile, the S&P BSE Sensex was down 398.08 points, or 1.14% to 34,381.50

On the BSE, 10.89 lakh shares were traded in the counter so far compared with average daily volumes of 8.53 lakh shares in the past two weeks. The stock had hit a high of Rs 1,105.10 and a low of Rs 1,073.15 so far during the day.

Reliance Industries' (RIL) consolidated net profit rose 17.93% to Rs 9549 crore on 54.11% rise in total income to Rs 144574 crore in Q2 September 2018 over Q2 September 2017.

 

Operating profit before other income and depreciation increased by 35.6% to Rs 21108 crore in Q2 September 2018 over Q2 September 2017. Record operating performance was led by significant volume growth and margin improvement in petrochemicals business and multi-fold growth in contribution from Retail and Digital Services businesses.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, RIL said that the company's integrated refining and petrochemicals business generated strong cash flows in a period of heightened volatility in commodity and currency markets.

Reliance Industries (RIL) announced the strategic investments of primary investment of Rs 2045 crore through a preferential issue and secondary purchase of Rs 245 crore from the existing promoters for a 66% stake in Den Networks and primary investment of Rs 2940 crore through a preferential issue for a 51.3% stake in Hathway Cable and Datacom. These investments and partnerships will create a win-win outcome for the Local Cable Operators (LCOs), Consumers, Content providers and overall eco-system, RIL said.

RIL is India's largest private sector company. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.

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