Reliance Industries (RIL) posted a better-than-expected financial performance for the January-March quarter of 2018, led by strong performance from the petrochemical, refining, retail and telecom businesses.

Net profit for the March quarter increased 17.3% year-on-year to Rs 9,435 crore, while revenue from operations (net of excise) increased by 37.83% to Rs 1,16,915 crore, largely led by increase in volumes with the start-up of new petrochemicals projects,

Shares of Reliance Industries (RIL) hit a record high of Rs 1,000 per share, up 2.5% on the BSE in early morning trade on the BSE, ahead of its January-March quarter (Q4FY18) results today. The stock surpassed its previous high of Rs 990 recorded on January 23, 2018 in intra-day deal.

Textiles to telecom conglomerate, RIL is expected to post its best-ever quarterly consolidated net profit, with the figure expected to be close to Rs 100 billion mark.

In a re-jigging of its store network, Reliance Retail has shut around 100 Reliance Fresh stores over the past two years or so, with the shutters having been downed for 20 of them in the past 12 months. The move, coupled with new stores in more attractive catchment areas, should help arrest losses.

At a time when the policy repo rate is at 6 per cent and three-month government treasury bills are trading at 6.15 per cent, India’s biggest company, Reliance Industries, raised Rs 15 billion of three-month money on Monday at 7.1 per cent.

About the same time last year, Reliance was raising money for two to three months at 6.13-6.15 per cent, much closer to the prevailing treasury bill rate. On Tuesday, Godrej Industries raised money through three-month commercial paper at 7.12 per cent.

Shares of Mukesh Ambani-controlled Reliance Industries Ltd surged nearly 4% on Tuesday emerging as the top gainers on BSE Sensex after Reliance Jio Infocomm Ltd outperformed India’s largest telecom company Bharti Airtel Ltd and Idea Cellular Ltd in monthly subscriber addition in the month of February. According to the data released by the telecom regulator TRAI (Telecom Regulatory Authority of India) on Tuesday, Reliance Jio Infocomm added about 87.4 lakh new subscribers in February.

Mukesh Ambani's Reliance Industries (RIL) and global energy major BP said the two companies had sanctioned the second phase of integrated development for their D6 oil and gas block in the Krishna-Godavari (KG) basin.

"The companies are moving forward to develop the block's discovered deepwater gas fields in an integrated series of projects, bringing new gas production for India," it was stated. This 'satellite cluster' is the second of three projects in the KG-D6 block's integrated development.

Thanks to decontrol of auto fuel prices and the reduced threat of a return of rigorous regulations, Reliance Industries and Essar Oil (Rosneft) have fast-tracked the process of strengthening their fuel retail network. These private-sector companies, which currently have a little over 5,550 retail fuel outlets —less than 10% of the total — will together add another 2,500 over the next couple of years.

A Reliance Industries-JM Financial Asset Reconstruction Company combine is the sole bidder for the bankrupt Alok Industries. Sources familiar with the transaction indicated the resolution plan submitted by the team would require lenders to take a fairly big haircut of between 80% and 85%. Against outstandings of close to Rs 30,000 crore, the RIL-JM Financial combine is understood to have agreed to put in Rs 4,000-4,500 crore. However, it could not be confirmed whether the committee of creditors (comprising lenders to the beleaguered company) had taken a decision on the proposal.

Reliance Industries Ltd (RIL) said today that it has bid jointly with JM Financial Asset Reconstruction Company to acquire the debt ridden textile manufacturer Alok Industries.

In a clarification to stock exchanges, RIL said it is awaiting the outcome of the process.

Reliance Industries (RIL) has been asked by the Directorate General of Hydrocarbons (DGH) to relinquish two deep-sea satellite gas discoveries—D6 and D19—in the KG-D6 block, off India’s east coast after the company told the regulator that it had no immediate plan to develop these fields.

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