Reliance Industries gain ahead of Q2 results; net profit seen at Rs 5926 crore
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NEW DELHI: Shares of Reliance Industries rose over 1 per cent in morning trade on Friday ahead of its September quarter earnings, which will be announced post market hours today.
The oil & gas major is expected to report 3.2 per cent year-on-year (YoY) growth in net profit at Rs 5,926 crore for the quarter compared with Rs 5,742 crore reported for the year-ago quarter, said an ET Now Poll.
At 09:30 AM; RIL was trading 1 per cent higher at Rs 912.15. It hit a low of Rs 904 and a high of Rs 911.75 in morning trade.
Net sales for RIL are expected to fall by 31 per cent YoY to Rs 66,343 crore for the quarter compared with Rs 96,486 crore reported for the corresponding quarter a year ago, said the poll.
Ebitda is seen at Rs 8,979 crore, a growth of 9 per cent YoY for the quarter ended September 30, compared with Rs 8,235 crore reported for the year-ago period.
Ebitda margins are expected to expand to 13.5 per cent YoY for the quarter compared with 8.5 per cent reported for the corresponding quarter last year.
Analysts expect RIL to report gross refining margin (GRMs) of $8.5 a barrel for the September quarter compared with $8.3 a barrel reported for the year-ago period. GRM or gross refining margin is the earnings from turning every barrel of crude oil into fuel.
The benchmark Singapore GRMs are likely to witness sequential drop of $2 a barrel.
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Public sector banks' cumulative profit crossed Rs 1.4 trillion in the financial year ended March 2024, recording a growth of 35 per cent over the previous year on a high base of Rs 1 trillion.
The 12 Public Sector Banks (PSBs) together had earned a net profit of Rs Rs 1,04,649 crore in 2022-23.
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Shares of Vedanta hit 14-year high of Rs 438.30, surging 6 per cent on the BSE in Tuesday’s intra-day trade amid heavy volumes after the company said its board will meet on Thursday, May 16 to consider fund raising plan. The board will also consider first interim dividend on equity shares, if any, for the financial year 2024-25.
Currently, Vedanta is trading at its highest level since May 2010. The stock had hit a record high of Rs 494.30 on April 8, 2010. In past two months, the market price of Vedanta has appreciated by 75 per cent.
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Quant Money Managers has got the banking regulator's approval to acquire an aggregate holding of up to 9.98 per cent of the paid-up share capital or voting rights in RBL Bank within May 12, 2025.
The stake can be acquired through various schemes of Quant Mutual Fund, a subsidiary of the investment management firm. As of May 10, Quant Money held 4.68 per cent of RBL Bank's equity share capital.
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Food tech major Zomato on Monday said its subsidiary Zomato Payment Pvt Ltd (ZPPL) has decided to voluntarily surrender the certificate of authorisation it obtained from the Reserve Bank to operate as an online payment aggregator.
"At Zomato, we do not see ourselves having a significant competitive advantage against the incumbents in the payments space and hence we don't foresee a business in payments space as commercially viable for us, at this stage.
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Senior BJP leader and former Bihar Deputy Chief Minister Sushil Kumar Modi passed away at the age of 72 on Monday, said the Bihar unit of BJP.
Modi had in April this year revealed that he was suffering from cancer and that he would not contest the 2024 Lok Sabha elections due to his poor health.
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