Reliance Industries shares up 2 pc post Dec qtr results

Shares of Reliance Industries Ltd rose by 2 per cent Friday after the company became the first Indian private sector firm to report a quarterly profit of more than Rs 10,000 crore.

The scrip after a positive opening, gained further strength and rose 2 per cent to Rs 1,156.55 on BSE.

At NSE, shares of the company went up by 1.99 per cent to Rs 1,157.10.

Reliance Industries Ltd Thursday became the first Indian private sector company to report a quarterly profit of more than Rs 10,000 crore after record earnings from petrochemical, retail and telecom business offset a dip in refinery margins.

The oil-to-telecom conglomerate reported an 8.8 per cent rise in its consolidated net profit to Rs 10,251 crore, or Rs 17.3 per share, in the third quarter ended December 31, 2018, as compared to Rs 9,420 crore, or Rs 16 a share, in the same period of the previous financial year.

This is the highest quarterly profit by any private company. State-owned Indian Oil Corp (IOC) holds the distinction of posting highest ever quarterly profit by any Indian firm when it had reported a net profit of Rs 14,512.81 crore in January-March 2013.

Reliance Industries saw its revenue jump by 56 per cent to Rs 171,336 crore in October-December 2018.