Jio jitters for RIL scrip
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Mumbai, April 25: The shares of Reliance Industries Ltd (RIL) today fell more than 2 per cent owing to apprehensions over higher capital expenditure and delay in the commercial launch of 4G services through Reliance Jio Infocomm.
On the BSE, the RIL shares finished with losses of 2.18 per cent, or Rs 22.60, at Rs 1,016.16.
On Friday, the oil giant had bettered analyst estimates by posting a consolidated net profit of Rs 7,398 crore, a growth of almost 16 per cent over the year-ago period. Analysts had expected a profit of around Rs 7,100 crore. The company's standalone numbers were also above analysts' projections.
The stock plunge baffled some who had expected a rally following the strong numbers. However, market circles attributed the fall to a couple of reasons. RIL had hinted that it would launch commercial 4G services from March-April. However, on Friday, the company did not give a specific date for the launch, only to say that it will happen this year.
RIL has put in Rs 120,000 crore to set up a robust 4G network in the country and an additional Rs 30,000 crore will be invested this fiscal. Given such huge investments, market circles maintain that the performance of its digital services will be key to the company's growth in the coming years.
Reliance Jio had launched full-scale 4G services for RIL group employees, partners, vendors and associates on a trial basis on December 28.
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The national capital on Saturday morning recorded a minimum temperature of 27.1 degrees Celsius, 0.6 notch above the season's average, according to the India Meteorological Department (IMD).
On Friday, Delhi witnessed 47.4 degrees Celsius in Najafgarh, making it the hottest place in the country.
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Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, net of taxes, compared to the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.
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Shares of Zee Entertainment soared up to 5.2 per cent at Rs 141.65 per share on the BSE in Saturday’s intraday trade. The hike in the stock prices came after the company delivered a turnaround in quarterly growth for the January-March quarter of fiscal year 2023-24 (Q4FY24).
In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.
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