Mumbia: Shares of Reliance Industries, chaired by India's richest Mukesh Ambani, on Wednesday surged more than 3.7 per cent to Rs 900 a piece, according to a report on moneycontrol.com. Fresh rally in shares was triggered by hopes that RIL's telecom arm Reliance Jio will turn profitable in December quarter.
Analysts also believe that RIL's refining and petrochemicals business will grow in the aftermath of company's capex that is likely to help these segments. "The consistent rally in the stock that rose 68 percent in 2017 increased investors' wealth by Rs 2.4 lakh crore during the year. The stock touched a record high of Rs 915.55, up 4.7 percent intraday," the moneycontrol report said.
Energy giant RIL posted a net profit of Rs 8,097 crore quarter ended September quarter. The rise in profit was 12.8 per cent higher as compared to the profit in the same period last year. RIL reported a revenue of Rs 101,169 crore that 24 per cent more than the same in corresponding period last year.
Mukesh Ambani-led company's gross refining margins stands at $12 per barrel which is $5 less than what was expected at the street. RIL's gross refining margin outperformed benchmark Singapore Complex margins by $3.7 per barrel.