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Friday, May 20, 2022

Latest News | Reliance Industries Shares Tumble 4 Pc; Mcap Tanks by Rs 68,404 Cr | LatestLY

New Delhi, Jan 24 (PTI) Shares of Reliance Industries Ltd on Monday declined 4 per cent amid profit-taking in line with an overall weak trend in the equity market.

During the early trade, the market heavyweight stock gained 1 per cent after the company reported its best-ever quarterly performance in October-December 2021.

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The stock of the country’s most valued firm by market valuation jumped 1.04 per cent to Rs 2,504.10 in early trade on the BSE. But, later the stock gave up all its early gains and settled at Rs 2,377.55, lower by 4.06 per cent.

On the NSE, it settled at Rs 2,379.90, a decline of 3.95 per cent after gaining 1.08 per cent in early trade to Rs 2,504.75.

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The company’s market valuation tumbled Rs 68,404.59 crore to Rs 16,08,275.41 crore on the BSE.

The 30-share BSE benchmark tumbled 1,545.67 points or 2.62 per cent to settle at 57,491.51.

Billionaire Mukesh Ambani’s Reliance Industries Ltd on Friday reported its best-ever quarterly performance in October-December 2021, helped by an uptick in two ‘Rs’ — refining and retail, a recent tariff hike accelerating growth at Jio and a one-off gain from the sale of US shale gas business.

The oil-to-retail-to-telecom conglomerate’s consolidated net profit rose 35.6 per cent sequentially and 41.5 per cent over the year-ago period to Rs 18,549 crore in the quarter ended December 31, 2021, the firm said in a statement.

Consolidated revenue of the nation’s biggest company by market value rose 9.5 per cent over the previous three months and 52.2 per cent year-on-year to record Rs 209,823 crore.

EBITDA or earnings before interest, tax, depreciation and amortisation climbed 30 per cent to a record Rs 33,886 crore. Three-fourths of this came from its traditional oil business as higher prices and demand returning from the bouncing economy helped earnings.

But the company, which during the pandemic declared itself net debt-free, saw its borrowings exceed cash in the third quarter of the current fiscal.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)

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