RIL drops after announcing maintenance shutdown of Jamnagar refinery unit

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Reliance Industries lost 0.46% to Rs 1,060.50 at 9:53 IST on BSE after the company said it is planning to temporarily shut down its SEZ refinery unit at Jamnagar refinery complex for routine maintenance & inspection activities.

The announcement was made before market hours today, 18 April 2016.

Meanwhile, the S&P BSE Sensex was up 61.68 points or 0.24% at 25,688.43.

On BSE, so far 31,000 shares were traded in the counter as against average daily volume of 4.46 lakh shares in the past one quarter. The stock hit a high of Rs 1,065.70 and a low of Rs 1,055 so far during the day. The stock had hit a 52-week low of Rs 819 on 24 August 2015. The stock had hit a 52-week high of Rs 1,089.50 on 15 January 2016. The stock had outperformed the market over the past one month till 13 April 2016, rising 4.9% compared with Sensex's 3.68% rise. The scrip had, however, underperformed the market in past one quarter, sliding 1.1% as against Sensex's 3.11% rise.

The large-cap company has equity capital of Rs 3240.38 crore. Face value per share is Rs 10.

Reliance Industries (RIL) announced that the SEZ refinery of the company is planning to shut down one crude distillation unit for routine maintenance & inspection activities from 1 May 2016, for about 3 weeks. The other three crude distillation units including all secondary processing units are expected to operate at normal throughput at Jamnagar refinery complex, RIL said. The company said it does not anticipate any impact on its commercial commitments.

On consolidated basis, RIL's net profit rose 38.7% to Rs 7290 crore on 27% decline in net sales to Rs 68261 crore in Q3 December 2015 over Q3 December 2014. The company is scheduled to announce its Q4 March 2016 results on 22 April 2016.

RIL is a diversified firm having presence in oil exploration, petrochemicals, retail and telecom sectors.

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