Reliance Industries’s shares rose by 2 per cent after the company became the first Indian private sector firm to report a quarterly profit of more than ₹10,000 crore.
The stock after a positive opening, gained further strength and rose 2 per cent to ₹1,156.55 on BSE.
At NSE, the company’s stock went up by 1.99 per cent to ₹1,157.10.
Reliance Industries reported a quarterly profit of more than ₹10,000 crore after record earnings from petrochemical, retail and telecom business offset a dip in refinery margins.
The oil-to-telecom conglomerate reported an 8.8 per cent rise in its consolidated net profit to ₹10,251 crore, or ₹17.3 per share, in the third quarter ended December 31, 2018, as compared to ₹9,420 crore, or Rs 16 a share, in the same period of the previous financial year. This is the highest quarterly profit by any private company.
State-owned Indian Oil Corp (IOC) holds the distinction of posting highest ever quarterly profit by any Indian firm when it had reported a net profit of ₹14,512.81 crore in January-March 2013.
Reliance Industries saw its revenue jump by 56 per cent to ₹171,336 crore in October-December 2018.