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Tuesday, May 17, 2022

Reliance Industries shares decline 3% after Q4 earnings; fall nearly 10% in 6 days

The stock has been quoting lower for the past many days and further slumped 3 per cent to Rs 2,542.10, amid a weak trend in the broader market.

By: PTI | New Delhi |
May 9, 2022 1:38:50 pm
Reliance Industries Ltd, Reliance Industries profit, Reliance Industries net profit, Business news, Indian express business news, Indian express, Indian express news, Current AffairsRIL’s digital arm Reliance Platforms has posted a gross revenue of Rs 26,139 crore, higher by 20.7 per cent, for the March quarter. Net profit for the quarter was Rs 4,313 crore, a growth of 22.9 per cent.

Shares of Reliance Industries Ltd declined 3 per cent in early trade on Monday, after the company’s March quarter earnings failed to cheer investors.

The stock has been quoting lower for the past many days and further slumped 3 per cent to Rs 2,542.10, amid a weak trend in the broader market.

At the NSE, the stock declined 2.99 per cent to Rs 2,542.25.

Since April 29, the stock has fallen 9.82 per cent.

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Billionaire Mukesh Ambani’s Reliance Industries Ltd on Friday reported a 22.5 per cent rise in net profit for the quarter ended March on the back of bumper oil refining margins, steady growth in telecom and digital services and strong momentum in the retail business.

The oil-to-retail-to-telecom conglomerate’s consolidated net profit rose to Rs 16,203 crore in the quarter ended March 31, 2022 from Rs 13,227 crore, the firm said in a statement.

Net profit, however, fell 12.6 per cent sequentially — breaking a six-quarter chain of quarter-on-quarter improvement.

Reliance’s earnings also rose because of a rise in broadband subscribers, online retail gaining traction and new energy investment picking roots.

Consolidated revenue of the nation’s biggest company by market value rose 35 per cent year-on-year to Rs 2.32 lakh crore in the fourth quarter of FY22.

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