Shares of Reliance Industries today closed the day with almost 4 per cent gains after the company reported its highest quarterly consolidated net profit of Rs 9,108 crore in three-months to June 30. The announcement is likely to be made in the next two weeks.
Consolidated revenues were also helped by revenues from Reliance Retail which saw a growth of 73.6% on year to Rs 11,571 crore.
GE Power India, Siemens: Three consortium led by multinational transportation giants Alstom, Siemens and Stadler Bussnang AG are in the race to set up an electric rail coach factory in West Bengal.
Gross refining margin, or profit earned on each barrel of crude processed - a key profitability gauge for a refiner, was at a nine-year high of $11.9 per barrel for the quarter, outperforming the benchmark Singapore complex margins by $5.5 per barrel.
"Our industry leading portfolio of assets in the refining and petrochemicals business contributed to considerable improvement in our earnings for the quarter", said Mukesh Ambani, CMD, RIL in a statement. During the quarter, RIL's capex stood at Rs 25,192 crore, in ongoing projects including petrochemicals and refining business at Jamnagar and digital services business.
It also said its revenues from refining increased 18.3% to Rs 66,945 crore from Rs 56,568 crore during the year-ago period, while its revenues from petrochemicals business saw a almost 23% rise to Rs 25,461 crore from Rs 20,718 crore. RIL has invested Rs1.79 trillion in Jio so far and forecast the investment to increase to Rs2.5 trillion by fiscal 2020.
The decision is, however, subject to Balaji Telefilms shareholders' and other approvals. The board of both the companies approved the transaction at their respective meetings held today.
Shares of the company declined Rs 4.8, or 0.31%, to settle at Rs 1,528.70. The benchmark Sensex closed flat at 31,904.40 points.