Faced with selling pressure, shares decline over 1% at end of the day
Mumbai: Shares of Reliance Industries Ltd on Tuesday pared early gains and ended over 1 per cent lower amid profit-taking at the counter a day after the company announced its March quarter earnings.
The stock advanced 0.85 per cent to Rs2,986.05 during the day on the BSE. However, it failed to carry forward the momentum and ended at Rs2,918.50, down 1.42 per cent.
On the NSE, it ended with a loss of 1.35 per cent at Rs2,919.50 after climbing 0.92 per cent to Rs2,987 apiece in intra-day trade.
The company’s market valuation declined Rs28,607.45 crore to Rs19,74,566.78 crore.
In traded volume terms, 2.73 lakh shares of the company were traded at the BSE and over 73.03 lakh shares at the NSE during the day.
Reliance Industries Ltd on Monday reported an almost flat March quarter net profit, while its annual earnings hit a record high on the back of a recovery in the core oil and petrochemicals business and sustained momentum across the consumer-facing telecom and retail businesses.
The oil-to-telecom-and-retail conglomerate’s consolidated net profit stood at Rs18,951 crore, or Rs28.01 per share, in the January-March quarter of the 2023-24 fiscal, compared to Rs19,299 crore, or Rs28.52 a share, a year ago, according to a company’s stock exchange filing.
The profit was, however, higher quarter-on-quarter when compared to Rs17,265 crore in the October-December period.
For the full fiscal FY24 (April 2023 to March 2024), Reliance posted a record net profit of Rs 69,621 crore, as compared to Rs66,702 crore earnings in the preceding financial year.
Reliance also became the first Indian company to hit Rs10 lakh crore turnover in FY24 when revenue from operations rose 2.6 per cent from Rs9.74 lakh crore in 2022-23.
