Reliance Industries (RIL) on April 30 reported a consolidated profit of Rs 6,348 crore for the March quarter as it unveiled the terms of a rights issue of Rs 53,125 crore, India’s biggest, and said another Facebook-like deal for its digital unit Jio Platforms was in the works.
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India's largest listed company also said Saudi Aramco’s $15-billion investment in its oil-to-chemicals business was on track. These transactions will fast track the target of achieving debt-free status ahead of the March 2021 deadline, it said.
RIL's consolidated profit dropped 45.5 percent due to the slump in oil prices triggered by coronavirus but an impressive 72.7 percent sequential growth by Jio Platforms limited the decline. Last week, Facebook picked up a 9.9% stake in Jio for $5.7 billion (Rs 43,574 crore).
The bottom line was hit by an exceptional loss of Rs 4,267 crore due to fall in oil prices and demand destruction following the coronavirus outbreak. RIL’s YoY decline in profit was 38.7 percent. The consolidated profit in the previous quarter was Rs 11,640 crore and Rs 10,362 crore in the year-ago period.
"In respect to refining and petrochemicals business, the company has determined the non-cash inventory holding losses in the energy businesses due to dramatic drop in oil prices accompanied with unprecedented demand destruction due to COVID-19 and the same has been disclosed as exceptional items," RIL said.
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