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Reliance Industries share closes flat ahead of Q1 earnings, here's what to expect

Reliance Industries share closes flat ahead of Q1 earnings, here's what to expect

Net profit of the Mukesh Ambani-led conglomerate is expected to fall by over 10%, both sequentially and over the previous year, to Rs 11,889.8 crore in April-June quarter

 RIL share closed 0.74% lower at Rs 2,105 against previous close of Rs 2,121 on BSE. RIL share closed 0.74% lower at Rs 2,105 against previous close of Rs 2,121 on BSE.

Reliance Industries Ltd (RIL) share ended on a flat note ahead of the firm's June quarter earnings set to be announced today. RIL share closed 0.74% lower at Rs 2,105 against previous close of Rs 2,121 on BSE.

Market cap of the firm stood at Rs 13.34 lakh crore. Total 2.53 lakh shares changed hands amounting to turnover of Rs 53.69 crore on BSE.

The share hit 52-week high of Rs 2,368.80 on September 16, 2020 and 52-week low of Rs 1,830 on January 29, 2021.

The share trades higher than 5 day, 100 day and 200 day moving averages but lower than 20 day and 50 day moving averages.

RIL share has gained 2.16% in one year and risen 6.07% since the beginning of this year.

Net profit of Mukesh Ambani-led conglomerate is expected to fall by over 10%, both sequentially and over the previous year, to Rs 11,889.8 crore in April-June quarter, according to the average of analysts' estimates compiled by Bloomberg.

Consolidated revenue is estimated to fall 2% quarter-on-quarter but rise 66% over the year-ago-period. RIL's operating income is likely to fall 11.8% sequentially but jump 10.3% year-on-year.

In Q4 of last fiscal, net profit more than doubled as consumer businesses of retail and telecom as well as petrochemicals saw a sequential recovery on improved spreads offsetting continued weakness in refining business.

Consolidated net profit in Q4 stood at Rs 13,227 crore in January-March quarter compared with Rs 6,348 crore a year ago.

The fourth quarter net profit included Rs 797 crore exceptional item due to gain on sale of US shale assets. Revenue rose 13.6 per cent to Rs 1,72,095 crore.