Reliance Industries announces bonus share issue

22 July, 2017, 00:57 | Author: Randy Kelley
  • India's Reliance sees profits jump 28 percent

Intra-day, it gained 4.15 per cent to Rs 1,592.20 - its multi-year high.

The decision is, however, subject to Balaji Telefilms shareholders and other approvals.

Reliance said during the April-June quarter, gross refining margin (GRM) -ear nings from each barrel of crude processed at its refinery -was at $11.9 per barrel, which was at a nine-year-high level.GRM is one of the most important profitability measures for a refiner.

Shares of Reliance Industries today closed the day with almost 4 per cent gains after the company reported its highest quarterly consolidated net profit of Rs 9,108 crore in three-months to June 30.

RIL CMD Mukesh Ambani said: "Our industry leading portfolio of assets in the refining and petrochemicals business contributed to considerable improvement in our earnings for the quarter".

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Reliance Industries Limited (RIL) will now acquire a 24.92 per cent stake in the production house for Rs 413.28 crore. The turnover in the quarter under review jumped by 73.6 per cent to Rs 11,571 crore against Rs 6,666 crore in the year-ago period.

The company also said it planned to raise 200 billion rupees, through a rights issue, to make additional investments in its flagship 4G telecom services business, Jio. The total volume of shares traded was 227,482 at the BSE (Thursday).

On telecom business, RIL said Jio has become the fastest growing technology company in the world with more than 100 million subscribers in just 170 days.

Energy giant Reliance Industries Ltd (RIL) on Thursday reported a consolidated quarterly net profit of 28% for the quarter ended 30 June, lifted by a higher-than-expected refining and petrochemicals margins and one-time gain of Rs 1,087 crore by divesting stake in Gulf Africa Petroleum Corporation, its South African subsidiary. Over the years, the Company has demonstrated sustained success in pioneering the production of differentiated content across different genres and languages.

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