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Reliance Industries stock closes higher ahead of Q4 earnings

BT Online     April 24, 2017

The Reliance Industries stock closed higher with the conglomerate set to announce its Q4 earnings later in the day today.

The results for the quarter ended March 31, 2016 will be announced after market hours. The Mukesh Ambani-owned firm reported a 3.6 percent rise in its Q3 net profit. RIL posted a net profit of Rs 7,506 crore for the quarter ended December 31, 2016 compared to Rs 7,245 crore for the corresponding quarter of last fiscal.

The firm reported gross refining margin (GRM) of $10.8 per barrel in Q3.

At 11:21 am, the stock was trading 1 percent higher at 1413 level on the BSE.

The stock closed 1.19 percent or 16.65 points higher at 1416 level today.

The stock breached 1,400 level on the BSE on April 5 on the back of the firm saying its telecom arm Reliance Jio had recorded 72 million subscribers for its Prime Membership Offer.

In anticipation of the telco starting paid services and earning revenue from April 1, the stock closed at Rs 1,247 level on March 28, 2017. It began its upward trend and closed at Rs 1,371 level on April 3, a rise of 10 per cent since then.

On March 31, 2017 too, the Reliance Industries stock closed 3.93 per cent higher at Rs 1,319 level on the BSE. It closed 3.93 percent higher at Rs 1,320 on the NSE.

The telco expects to capture 50 per cent of the revenue share over the next four years with strong operating margins of 50 per cent as the data market touches Rs 3 lakh crore by 2020-21.

 


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