Reliance Industries Ltd (RIL) is trading lower by 2% at Rs 848 after reporting a 16% year-on-year growth in quarterly profit at Rs 5,703 crore for the quarter ended September 2011, against a net profit of Rs 4,923 crore during the July-September quarter last fiscal.
"The increase in profits was largely driven by improved performance in the refining and petrochemicals business. All our manufacturing facilities operated at record levels with refineries achieving operating rates of 110%," RIL chairman Mukesh Ambani said in a statement.
The company’s turnover rose to Rs 80,790 crore in the second quarter of the current fiscal, as against Rs 59,962 crore in the same period a year ago, the company said in a statement.
The stock opened at Rs 869 and hit a low of Rs 867 on the National Stock Exchange. A total 1.5 million shares have changed hands on the counter till 1007 hours.
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