RIL hits 52-week high ahead of Q4 results

BL Internet Desk April 27 | Updated on April 27, 2018 Published on April 27, 2018

A file photo of RIL Chairman, Mukesh Ambani.

Shares of Reliance Industries rose 2 per cent, adding Rs 12,335 crore to its market valuation, ahead of its quarterly results to be announced later in the day.

Earlier in the day, the stock climbed as much as 3.6 per cent to Rs 1,011, a record high on the NSE. On the BSE, the stock hit a 52-week high of Rs 1,010.70.

At the closing trade, the stock was up 2.17 per cent at Rs 996.50 on the NSE. On the BSE, the stock was up 1.99 per cent at Rs 994.75.

The company, led by India's richest man Mukesh Ambani, is set to report its March-quarter results later in the day. The energy-to-telecoms conglomerate is expected to report record quarterly consolidated profit of about Rs 9,500 crore ($1.42 billion), according to Thomson Reuters estimates.

Reliance's market cap, which had breached $100 billion in 2007, hovers around $95 billion. More than 4.9 million shares have changed hands, compared with their 30-day moving avg of 6.47 million shares. The stock has risen nearly 6 per cent this year up to Thursday's close.

In the December 2017 quarter, the consolidated profit of Reliance Industries grew 25 per cent y-o-y to ₹9,423 crore. This strong show was led by the petrochemicals segment — healthy volume growth and better margins translated into operating profit growth of 73 per cent y-o-y to ₹5,753 crore.

The company Chairman, Mukesh Ambani, had in December last year outlined five focus areas to put Reliance Industries among the top 20 companies in the world.

Ambani said that as the world transitions from fossil fuels to clean, green and renewable energy, Reliance can become a leading provider of clean and affordable energy to India.

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Published on April 27, 2018

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