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Reliance Industries Shares Gain After Earnings Beat Street Estimates

Reliance share price: Jio pipped rival Airtel to become India's second-largest operator by subscribers as of May, government data showed.

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Reliance Industries Shares Gain After Earnings Beat Street Estimates

Reliance Industries share price: The stock was on course to close higher after three days of fall


Shares in Reliance Industries Limited (RIL) gained on Monday, breaking a three-day fall, after the conglomerate reported an increase of 7 per cent in its quarter net profit. In a regulatory filing after market hours on Friday, Reliance Industries reported a net profit of Rs 10,104 crore for the quarter ended June 30, as double-digit growth in the conglomerate's retail and telecoms businesses helped offset its worst oil refining margins in 18 quarters. Reliance Industries' net profit also beat analysts' estimates. 

Analysts had on an average expected the company's profits at Rs 9,696 crore, news agency Reuters reported citing Refinitiv data.

On the Bombay Stock Exchange (BSE), the Reliance share price opened 0.64 per cent higher at Rs 1,256.95, compared with its previous close of Rs 1,249.00, and rose to as much as Rs 1,272.00 apiece during the session. That marked an intraday gain of 1.84 per cent in RIL shares.

Reliance Industries' average gross refining margin - the money earned from refining a barrel of crude  - came in at $8.1 per barrel for the June quarter, the lowest in 18 quarters but outperforming the benchmark Singapore complex margin by $4.5 per barrel.

Crude prices have risen 23 per cent this year, increasing costs and squeezing margins for oil refiners.

Meanwhile, Reliance Industries' telecom unit, Reliance Jio Infocomm, pipped rival Bharti Airtel to become India's second-largest operator by subscribers as of May, government data showed. As of the end of May, the operator had added 82 lakh users since April to end the month with 32.3 crore wireless customers, data from the Telecom Regulatory Authority of India showed. 

The Reliance share price also rose 1.84 per cent at the day's strongest level on the National Stock Exchange (NSE). 

At 12:14 pm, Reliance Industries shares traded 1.28 per cent higher at Rs 1,265.00 apiece on the BSE, outperforming the benchmark Sensex index which was down 0.89 per cent. Reliance Industries shares were the top support to the Sensex at the time. 

Reliance Industries shares had declined by Rs 44.1 - or 3.41 per cent - on the BSE in the past three consecutive trading sessions. 

(With inputs from Reuters)



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