Shares of the country's most valuable company - Reliance Industries - rose as much as 0.65 per cent to hit an intraday high of Rs 2,036 on the BSE ahead of its March quarter earnings due later in the day. On the National Stock Exchange, Reliance Industries shares touched an intraday high of Rs 2,036 and low of Rs 2,002. (Track Reliance Industries share price here)
During the quarter ended March 2021, Reliance Industries shares declined nearly 1 per cent underperforming the Sensex which rose 3.7 per cent.
Earlier this month, Reliance Industries and BP announced that production has begun at the Satellite Cluster gas field in block KG D6 off the eastern coast. The satellite cluster is second project to come onstream, after R Cluster in December 2020, Reliance Industries said in a regulatory filing to the stock exchanges on Monday.
RIL and BP have been jointly working on three deep-water gas projects in block KG D6 i.e. R Cluster, Satellite Cluster and MJ. These will collectively produce natural gas worth around 30 mmscmd (1 billion cubic feet a day) by 2023 and account for up to 15 per cent of India's gas demand.
In quarter ended December 2020, Reliance Industries' net profit rose 13 per cent to Rs 13,101 crore from Rs 11,640 crore during the corresponding period a year ago. The oil-to-telecom giant posted its highest ever quarterly profit as total expenses fell sharply during the quarter. Total expenses declined 22 per cent annually to Rs 1.13 lakh crore from Rs 1.45 lakh crore in the year-ago period.
Reliance Industries' digital arm Jio Platforms' net profit rose 15.5 per cent to Rs 3,489 crore and revenue advanced 5.3 per cent to Rs 22,858 crore in December quarter.
As of 11:51 am, Reliance Industries shares traded marginally higher at Rs 2,024.95.