Shares of index heavyweight Reliance Industries closed higher today on value buying. The stock has recovered after two days. It fell for two consecutive sessions after the Mukesh Ambani-led conglomerate reported earnings for Q2.
The stock touched an intraday high of Rs 1928.85, rising 4.29% on BSE. The share stands higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages.
The share has gained 31.31% in one year and gained 26.38% since the beginning of this year Later, the RIL stock closed 3.46% or Rs 64 higher against previous close of Rs 1849.45 on BSE.
Total 10.66 lakh shares changed amounting to turnover of Rs 201.81 crore. RIL reported a 15 per cent decline in net profit at Rs 9,567 crore in July-September quarter of fiscal 2020-21 against Rs 11,262 crore in the corresponding period of last year.
Profit fell on account of weak demand in refining and petrochemicals business. In the first quarter of FY21, RIL reported a 31 per cent rise in consolidated profit at Rs 13,233 crore.
Consolidated revenue from operations in Q2 fell to Rs 1,16,195 crore compared to Rs 1,53,384 crore in Q2FY20. While EBITDA came in at Rs 18,945 crore, EBITDA margin stood at 17 per cent.
Reliance Industries investors saw a reduction of Rs 1.2 lakh crore in their wealth on November 2 after the share of the Mukesh Ambani-led conglomerate closed nearly 9% lower post Q2 earnings. Market cap of the firm ended at Rs 12.69 lakh crore, a fall of Rs 1.2 lakh crore from Friday's close of Rs 13.89 lakh crore.
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