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Shares of Reliance Industries Ltd today rose over 2 per cent in morning trade after the company posted a better-than-expected 1.7 per cent rise in second quarter net profit.
RIL’s scrip gained 2.31 per cent to Rs 980 on the BSE. On the NSE, the stock moved up by 2.2 per cent to Rs 979.
The company had yesterday posted a 1.7 per cent rise in its second quarter net profit, helped by strong growth in refining margins which neutralised the slump in oil and gas earnings.
Net profit during July-September period at Rs 5,972 crore, or Rs 20.3 per share, was 1.7 per cent higher than Rs 5,873 crore, or Rs 20 a share earnings in the same period last fiscal.
Gross refining margin
RIL, the operator of world’s biggest oil refinery complex, earned $8.3 for turning every barrel of crude oil into fuel in Q2 compared with $7.7 a barrel gross refining margin a year ago.
The GRM, however, was lower than $8.7 per barrel in the previous April-June quarter.
Its turnover dropped 4.3 per cent to Rs 1,13,396 crore due to lower crude oil prices and volumes mainly in the refining and oil and gas business.
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