RIL gains after decent Q3 results

Reliance Industries rose 1.28% to Rs 1148.30 at 9:21 IST on BSE after consolidated net profit increased 8.82% to Rs 10251 crore on 56.69% increase in net sales to Rs 156397 crore in Q3 December 2018 over Q3 December 2017.

The result was announced after market hours yesterday, 17 January 2018.

Meanwhile, the S&P BSE Sensex was up 10.61 points, or 0.03% to 36,384.69.

On the BSE, 99,000 shares were traded in the counter so far compared with average daily volumes of 4.40 lakh shares in the past two weeks. The stock had hit a high of Rs 1156.55 and a low of Rs 1145 so far during the day. The stock hit a 52-week high of Rs 1,328.75 on 29 August 2018. The stock hit a 52-week low of Rs 872.10 on 6 February 2018.

Reliance Industries (RIL) said increase in revenue is primarily on account of higher price realizations and volumes for petrochemical and refining businesses along with continuing strong growth momentum in consumer businesses. Product prices for the refining and petrochemicals business increased in line with 10.4% higher average Brent crude oil price. The higher volumes in petrochemical business are on account of stabilization and ramp-up of new petrochemical facilities. Retail business and digital services business recorded an increase of 89% and 51% in revenue during the quarter compared to the corresponding quarter of the previous year.

Commenting on the results, chairman and managing director, Mukesh Ambani said in its new-age consumer businesses, RIL maintained robust growth momentum across retail and Jio platforms and the share of consumer businesses is steadily increasing its contribution to the overall profitability of the company. In wireless business, RIL's customer-centric offerings and strong ubiquitous network are helping to digitalise India at an unprecedented rate.

Reliance Industries' activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications.

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