Reliance Industries Shares Rise 3% Ahead Of March Quarter Earnings

Edited by Sandeep Singh (with inputs from agencies)

30 Apr 2020, 10:45 AM IST

At 10:37 am, the shares were trading at Rs 1,472, higher by Rs 4 or 3.2 per cent, on the BSE.

Reliance Industries Limited (RIL) shares rose more than 3 per cent on Thursday, ahead of the release of financial results for the January-March period by billionaire Mukesh Ambani-led conglomerate. The group's board will meet later in the day to consider the earnings for the quarter ended March 31 as well as its first rights issue in almost 30 years in another attempt to slash its debt.

On the BSE, the Reliance Industries stock rose more than 3 per cent to trade at Rs 1,476 apiece at the strongest level in morning deals. At 10:37 am, the shares were trading at Rs 1472, higher by Rs 4 or 3.2 per cent, on the BSE.

Reliance Industries had posted record profit Of Rs 11,640 crore in the previous quarter. The oil-to-telecom conglomerate's net profit rose 13.5 per cent to Rs 11,640 crore in the quarter ended December 2019. Reliance Industries' revenue from operations declined 2.5 per cent to Rs 1,56,802 crore in the same quarter.

The net profit of Reliance Jio Infocomm, the telecom arm of Reliance Industries, also rose 62 per cent to Rs 1,350 crore in the December quarter, accompanied with a 28 per cent rise in revenue to Rs 13,968 crore.

On April 22, Reliance Jio Infocomm, part of billionaire Mukesh Ambani's Reliance Industries group announced an investment of Rs 43,574 crore in Jio Platforms from Facebook Inc. The US-based social media major's investment will translate to a 9.99 per cent stake in Jio Platforms on a fully-diluted basis. The transaction, subject to regulatory approvals, would make Facebook the largest minority shareholder in the company.