Reliance General Q1 profit up 22%

A sneak peak into the things to watch out for from the results of India’s most valued company RIL

A sneak peak into the things to watch out for from the results of India’s most valued company RIL

Country's largest private sector conglomerate Reliance Industries on Friday announced the issue of bonus shares to its shareholders.

For the refining and marketing segment, Ebit (earnings before interest and tax) increased by 13.4% to Rs 7,476 crore.

The scrip zoomed 8.75 per cent to Rs 203 - its one year high - on the BSE. The standalone net profit for the latest June quarter was Rs 8,196 crore, a rise of 8.6 per cent. RIL said strong refining and petrochemicals margin environment contributed to higher operating profits for the quarter.

GRMs for the company during the quarter stood at a nine-year high of $11.9/barrel (bbl), against $11.5/bbl in the sequential quarter (Q4FY16). During the quarter, the profit of the company gained 28.05% to Rs 91.08 billion from Rs 71.13 billion in the same quarter previous year.

Pakistan Violates Ceasefire in Jammu & Kashmir's Naugam Sector, India Retaliates
At the time of filing this report, the Indian army is strongly retaliating to the shellings even as both sides are exchanging heavy gunfire.

Chairman and managing director Mukesh Ambani said in the past 40 years, the RIL stock has reached Rs 1,000 to over Rs 16.50 lakh till now.

Revenue grew 26.7 per cent to Rs 90,537 crore primarily on account of increase in prices and volumes of refining and petrochemical products, partially offset by lower prices and volumes from oil and gas exploration and production business. Retail business also witnessed accelerated growth momentum with YoY revenue growth of 74 per cent. Jio has revolutionised the Indian telecom and data consumption landscape. "Full commissioning of new PX facility at Jamnagar during the quarter will strengthen the integration within our polyester chain", added Ambani. "The bonus announcement would also help improve investor sentiments further", said Nitasha Shankar, Senior Vice President and Head of Research, YES Securities.

"The board of directors at its meeting held on July 20, 2017, has decided to make a rights issue of 4 billion, 9% non-cumulative optionally convertible preference shares (OCPS) of Rs. 10 each for cash, at a premium of Rs. 40 per OCPS, aggregating to Rs. 20,0000 crore", it said.

Total income recorded a jump too despite a slight decline in other income to Rs 2,124 crore from Rs 2,378 crore a year earlier.

Recommended News

  • Unilever will not get Reckitt Benckiser's food division

    Unilever will not get Reckitt Benckiser's food division

    Incidentally, McCormick might have felt it could afford the luxury of a bigger price today having dodged a bullet with Premier. The hot sauce category will continue to see robust growth, with opportunities for expansion, McCormick said in the statement.
    The Prime People Plc (PRP) Increases Dividend to GBX 3.25 Per Share

    The Prime People Plc (PRP) Increases Dividend to GBX 3.25 Per Share

    Old Mutual Customised Solutions (Proprietary) Ltd owns 2,100 shares or 0.02% of their United States portfolio. The stock of WS Atkins PLC (LON:ATK) earned "Overweight" rating by JP Morgan on Wednesday, November 18.
    Grading the Deal: Yankees Go For It Trading For Todd Frazier

    Grading the Deal: Yankees Go For It Trading For Todd Frazier

    Even though Frazier is a third baseman by trade, he has played some first base and likely will land there once he goes to NY . Frazier, who was a healthy scratch just before Tuesday's game, also said he was excited to join team in the playoff hunt.
  • China, US discuss one-year economic plan during dialogue

    China, US discuss one-year economic plan during dialogue

    In May, the USA and China reached a trade deal that opens China's market to U.S. credit rating agencies and credit card companies. China also agreed to lift its ban on U.S. beef imports and accept USA shipments of liquefied natural gas.
    Pacific Rim: Uprising Get your first look at the sequel

    Pacific Rim: Uprising Get your first look at the sequel

    The trailer featured the new line of Jaegers considering all the originals were destroyed at the end of the last movie. Luckily, that's not the case, and our first look at Pacific Rim: Uprising has arrived.
    Trump administration urges calm on Temple Mount

    Trump administration urges calm on Temple Mount

    Border police and military personnel stood guard in the area to ensure that the prayer didn't evolve into a violent demonstration. Numerous clashes between Israeli police and Palestinian protesters have taken place near the Temple Mount this week.
  • Morgan Stanley opts for Frankfurt as new post-Brexit hub

    Morgan Stanley opts for Frankfurt as new post-Brexit hub

    Savills expects prime central London property values to stagnate this year and next before increasing by 8 per cent in 2019. Bank of America now has 700 staff in Dublin and 6,500 in the United Kingdom , of which 4,500 are based in London.
    Chelsea agree deal with Real Madrid for Alvaro Morata

    Chelsea agree deal with Real Madrid for Alvaro Morata

    He is the Premier League champions' fourth signing of the summer after Tiemoue Bakayoko, Willy Caballero and Antonio Rudiger . They were willing to match Real Madrid's hefty asking price for the forward, while Jose Mourinho's club was not.
    India's ruling party names minister for vice president

    India's ruling party names minister for vice president

    He was first elected as an MLA in the Andhra Pradesh Assembly in 1978, and was part of the Jana Sangh movement. Prime Minister Narendra Modi said, M Venkaiak Naidu is a fit candidate for the office of Vice President .
  • Pet parrot potential star witness in murder trial

    Pet parrot potential star witness in murder trial

    The attempt was unsuccessful, and Duram was found guilty after about eight hours of deliberating by the jury, Fox17 reports. But on Wednesday, Duram was convicted of killing her husband Martin in May of 2015 - the lone witness was Martin's parrot.
    Treasury Department Fines Exxon Mobil for Russia Sanctions Violations

    Treasury Department Fines Exxon Mobil for Russia Sanctions Violations

    Rosneft itself is subject to narrower US sanctions that still allow Americans to deal with the company on some transactions. While at Exxon Mobil, Tillerson generally opposed sanctions because he thought they were usually ineffective.
    The Mercedes Pickup Truck Is Finally Here, Sort Of

    The Mercedes Pickup Truck Is Finally Here, Sort Of

    The Mercedes-Benz X-Class will go on sale in Germany by November 2017 at a starting price of 37,294 (approximately Rs 27.60 lakh). The new Mercedes X-Class Pick-Up has been revealed as Mercedes take the Nissan Navara and created the first Posh Premium Pick-Up.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.