Latest News | Reliance Industries Shares Decline 1 Pc

New Delhi, Oct 25 (PTI) Shares of Reliance Industries on Monday wiped out early gains to close nearly 1 per cent lower on profit-taking.

In early trade, the stock gained nearly 3 per cent after the company reported a 43 per cent jump in September quarter net profit.

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The market heavyweight stock jumped 2.73 per cent to Rs 2,699 during the early trade on BSE. Later, it wiped out early gains to close at Rs 2,601.65, lower by 0.97 per cent.

On NSE, it dipped 0.77 per cent to settle at Rs 2,607.

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In volume terms, 4.24 lakh shares were traded on BSE and over 79.37 lakh on NSE.

Billionaire Mukesh Ambani's firm on Friday reported a 43 per cent jump in September quarter net profit as its businesses from oil to retail fired on all cylinders, growing both sequentially and on a year-on-year basis.

Net profit of Rs 13,680 crore, or Rs 20.88 per share, in July-September compared with Rs 9,567 crore, or Rs 14.84 a share, in the same period a year back, the company said in a statement.

While better realisation and a sharp rise in crude oil prices benefited the old-economy business, retail saw footfalls at stores reach pre-COVID levels and per user earning from telecom business rose.

Revenue was up 49 per cent at Rs 1,91,532 crore.

Reliance operates four business verticals - the oil-to-chemical (or O2C) business includes its oil refineries, petrochemical plants, and fuel retailing business; retail business that houses brick-and-motor stores and e-commerce; digital services that cover telecom arm Jio; and new energy business.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)