Reliance Industries Shares Surge Nearly 4 Percent Post Q1 Earnings

India's Reliance sees profits jump 28 percent

Gross written premium of the company rose 41 per cent to Rs 1,278 crore, Reliance General Insurance said in a statement. Compared to Reliance's GRM, the same number for refiners in Singapore was at $5.5 per barrel.

On an year-to-date basis, the stock is up 47 percent and has risen 56.51 per cent on an yearly basis.

Mukesh Ambani's Reliance Industries Ltd (RIL) yesterday said its board approved transaction to pick around 25 per cent stake in Balaji Telefilms by acquiring 2.52 crore shares for about Rs 413 crore.

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Exceptional items during the quarter ended June 30 included Rs. 1,087 crore as profit from sale of RIL's stake in Gulf Africa Petroleum Corporation (GAPCO).

Gross refining margins recorded nine-year-high of United States dollars 11.9/bbl whereas petrochemicals EBIT margin were at all-time high of 15.8%.

"The operating profit was led by robust performance from petrochemicals business and sustained strength in refining business". Retail business also witnessed accelerated growth momentum with YoY revenue growth of 74 per cent. Jio has revolutionised the Indian telecom and data consumption landscape.

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RIL's domestic exploration and production segment saw revenue down by 25.7% on year, at Rs 582 crore due to lower gas price realization and declining volumes. The company said that during Q1FY18, its revenues from organised retail jumped almost 74% to Rs 11,571 crore from Rs 6,666 crore a year earlier.

RIL had on 27 June sought shareholders' approval to raise as much as Rs25,000 crore through a private placement of non-convertible debt instruments. RIL which has a market capitalisation of Rs 4,97,000 crore closed 0.31 per cent down at Rs 1,528.70 on the BSE on Thursday.

RIL also announced one bonus share for every share held - the first such issue after 12 years, and a dividend of Rs 13 a share.

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Reliance's revenue for Q1FY18 was Rs 90,537 crore, up almost 27% from Rs 71,451 crore during the same quarter of the previous fiscal.

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