Reliance Industries shares jump nearly 3 pc after earnings

PTI, Oct 25, 2021, 11:45 AM IST

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New Delhi: Shares of Reliance Industries on Monday gained nearly 3 percent after the company reported a 43 percent jump in its September quarter net profit.

The market heavyweight stock jumped 2.73 percent to Rs 2,699 on BSE.

On NSE, it gained 2 percent to Rs 2,680.

Later, the stock gave up early gains on profit-taking and was trading nearly 1 percent lower.

Billionaire Mukesh Ambani’s firm on Friday reported a 43 percent jump in its September quarter net profit as its businesses from oil to retail fired on all cylinders, growing both sequentially and on a year-on-year basis.

Net profit of Rs 13,680 crore, or Rs 20.88 per share, in July-September compared with Rs 9,567 crore, or Rs 14.84 a share, in the same period a year back, the company said in a statement.

While better realization and a sharp rise in crude oil prices benefited the old-economy business, retail saw footfalls at stores reach pre-COVID levels, and per-user earning from the telecom business rose.

Revenue was up 49 percent at Rs 1,91,532 crore.

Reliance operates four business verticals – the oil-to-chemical (or O2C) business includes its oil refineries, petrochemical plants, and fuel retailing business; a retail business that houses brick-and-motor stores and e-commerce; digital services that cover telecom arm Jio; and new energy business.