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Journalism of Courage
Mukesh Ambani-led Reliance Industries (RIL) on Friday slipped over two per cent on the Bombay Stock Exchange,a day after it posted a 9.3 per cent decline in its fourth quarter net profit.
“Stocks have rallied in the past one-and-a-half month and it will not be surprising if some profit booking happens at this level,which is normal and healthy,” Religare Capital Markets President (Equity) Amitabh Chakraborty said.
Shares of RIL skid 2.07 per cent to touch a low of Rs 1,725.75 on the BSE. Similarly on the National Stock Exchange,the stock dipped 2.08 per cent to touch a low of Rs 1,727.
RIL was later quoted at Rs 1,748,down 0.81 per cent on BSE,while on NSE it was at Rs 1,740.55,down 1.31 per cent.
Over nine lakh shares exchanged hands on both the bourses.
On Thursday,the country’s largest company by market capitalisation announced a 9.3 per cent decline in its fourth quarter net profit at Rs 3,546 crore,while the profit for the entire fiscal ended March 31,2009,fell by 21.47 per cent to Rs 15,279 crore.
Commenting on the results Chakraborty said,”Reliance’s topline came in line with our expectations,while adjusted net profit came above expectations mainly driven by higher petrochemical margins and higher-than-expected other income.”
