RIL shares up nearly 3% post Q1 earnings
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Shares of Reliance Industries on Monday rose by nearly 3% after the company reported a bigger-than-expected 18% jump in June quarter profit.
After a positive opening, shares of the company went up further by 2.61% to Rs 1,039 on BSE.
At NSE, shares of the company rose by 2.62% to Rs 1,038.75.
Reliance Industries had on Friday reported a bigger-than- expected 18% jump in June quarter net profit on account of highest refining margin in eight years and robust petrochemical earnings.
Consolidated net profit at Rs 7,113 crore or Rs 24.1 per share in April-June period was 18.1% higher than Rs 6,024 crore in the same period last fiscal, RIL had said in a statement.
This was the ninth straight quarter for which the company posted highest segment profit for refining and petrochemical business.
Revenue fell 13.4% to Rs 71,451 crore, hurt by a sharp fall in prices of crude oil and petroleum products.
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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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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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