New Delhi Shares of Reliance Industries Ltd fell 4% on Monday amid profit-booking in line with a weak trend in the stock market.
During early trading, the market heavyweight stock gained 1% after the company reported its best-ever quarterly performance in October-December 2021.
The stock of the country’s most valuable firm by market valuation jumped 1.04% 2,504.10 in early trade on BSE. But, later the stock gave up all its initial gains and settled on 2,377.55, 4.06% lower.
On NSE, settle on it 2,379.90, down 3.95% after gaining 1.08% in early trade 2,504.75.
Market valuation of the company dropped 68,404.59 Cr to 16,08,275.41 crore on BSE.
The 30-share BSE benchmark ended 1,545.67 points or 2.62% lower at 57,491.51.
Billionaire Mukesh Ambani’s Reliance Industries Ltd on Friday reported its best quarterly performance in October-December 2021, helped by sharp gains in the two ‘rupees’ – refining and retail, a recent spurt in growth and one-time gains at Jio. Happened. From the sale of the US shale gas business.
The oil-to-retail-to-telecom group’s consolidated net profit grew 35.6% sequentially and 41.5% compared to the year-ago period 18,549 crore in the quarter ended December 31, 2021, the firm said in a statement.
Consolidated revenues of the country’s largest company by market value grew 9.5% over the past three months to a record 52.2% year-on-year increase 209,823 crores.
EBITDA or earnings before interest, taxes, depreciation and amortization climbed 30% to a record high 33,886 crore. Of this, three-quarters came from its traditional oil business as higher prices and a return to demand from a booming economy helped incomes.
But the company, which declared itself net debt-free during the pandemic, saw its borrowings exceed cash in the third quarter of the current fiscal.
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