Reliance Industries shares have been firm in morning trading, that is ahead of the companies first quarter results that had been scheduled later in the day. At 9:40 am, the shares of India’s largest company by market capitalisation were trading higher by Rs 9 or 0.4 per cent at Rs 2,105 on the BSE. The shares had opened at Rs 2,100 and touched an intra-day high of Rs 2,117 and a low of Rs 20732 thus far, on the BSE.
“Reliance Industries’ net profit had dropped 39 per cent to Rs 6,348 crore in the previous, March quarter on the back of a slump in crude oil prices amid outbreak of COVID-19, the company said in an exchange filing on Thursday. The company had reported profit of Rs 10,362 crore in the same quarter last year.
During the quarter, Reliance Industries had incurred one-time loss of Rs 4,245 crore on the back of 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, Reliance Industries said in exchange filing.” (Source : ndtv)
Records through its 43rd annual general meeting (AGM) held on July 15, Reliance Industries had announced a slew of deals, including an investment of Rs 33,737 crore in its digital serves arm, Jio Platforms, by Alphabet Inc’s Google. However, Reliance Industries’ deal with Saudi Aramco has not yet progressed according to the scheduled time due to “unforeseen situation in the energy market and COVID-19 situation”, Mr Ambani had said in his address to the the shareholders.
