India's Reliance sees profits jump 28 percent

22 July, 2017, 00:35 | Author: Bridget Leonard
  • Reliance Industries Reports Record Profit of Rs 8,196 Crore in Q1 Beats Estimates

RIL'S gross refining margin or what the company earns from turning every barrel of crude oil into fuel came in higher-than-expected at $11.9 per barrel, a $5.5 a barrel premium to Singapore's benchmark GRM which averaged flat at $6.4 per barrel during the quarter. They held 43.3% stake in the production house till June 30, The Times of India reported.

Profit on a standalone basis, which only accounts for the company's refining, petrochemicals and oil and gas exploration businesses, rose to 81.96 billion rupees ($1.27 billion) for the three months to June 30, from 75.48 billion rupees a year earlier.

"The operating profit was led by robust performance from petrochemicals business and sustained strength in refining business". Refining and petrochemicals contribute around 90 percent to overall revenue and profit of the company. He added that retail business revenue grew 74 per cent, while the company continues to build its digital services business.

"Over the past 3-4 years, we made significant investments in new plants, thus creating organic growth platforms for our energy and materials businesses", Mr. Ambani, India's richest man, said. "Ramp-up of ethane import project has helped in diversifying feedstock sources and mitigating risks for our existing crackers at Dahej and Hazira".


Revenue from the media business fell 8.8% to Rs. 321 crore with a negative EBIT of Rs. 41 crore.

Meanwhile, RIL's telecom venture Reliance Jio announced a rights issue to raise Rs 20,000 crore through optionally convertible preferential shares.

Shares of Reliance Industries Ltd (RIL) on Friday rose by almost 4 per cent after the company reported its highest quarterly consolidated net profit of Rs 9,108 crore in three-months to June 30. In Friday's flat market, the Reliance stock, which has been one of the main drivers of the sensex in 2017, closed a marginal 0.3% lower at Rs 1,529.

Recommended:

  • Samsung Reportedly Shelves Bixby Smart Speaker Project, For Now At Least

    Samsung Reportedly Shelves Bixby Smart Speaker Project, For Now At Least

    We all know that the phone is a flagship model and in fact, the Note family is held in higher regards than the Galaxy S family. The small bezels on the top and bottom of the device help the display use all of the possible real estate it has to work with.

    Chicago White Sox Trade Phase all but completed

    Even though Frazier is a third baseman by trade, he has played some first base and likely will land there once he goes to NY . Robertson , 32, is in the third year of a four year contract that pays him $12 million this season and $13 million next.
    Thousands evacuated central California, wildfires burn across US West

    Thousands evacuated central California, wildfires burn across US West

    In the midst of the fire, someone wrote an uplifting message thanking firefighters for trying to save homes. Tall grass from a deluge of winter rains is fueling wildfires throughout the Western U.S.
  • Trump Seriously Considered Blowing Up the Iran Deal

    White House officials also added that new financial sanctions on Tehran are being considered due to ballistic missile experiments. Just one month into his candidacy, he said the Iran deal "poses a direct national security threat".
    BCCI's CoA congratulates Team India for entering semis

    BCCI's CoA congratulates Team India for entering semis

    If India lose the match , it will be the last ever World Cup match for captain and ODI record-holder Mihali Raj. She had even shut down a reporter for asking her before the tournament who her favourite male cricketer was.
    Senate Judiciary Committee head to ask Donald Trump Jr to testify

    Senate Judiciary Committee head to ask Donald Trump Jr to testify

    Grassley is now asking how it was possible for Veselnitskaya to enter the United States for the meeting without a visa. Richard Blumenthal, a member of the committee, said it was "long overdue" that Manafort be called to testify.
  • Google launches the feed inside its main iOS search app

    Google launches the feed inside its main iOS search app

    Google is updating its Google app on Android and iOS to incorporate more machine learning-based personalization features . Instead, Google combines the most important news stories of the day with ones about topics you've previously searched.
    Nintendo's Switch mobile app is now available

    Nintendo's Switch mobile app is now available

    As for the third-party front, the situation is slowly improving even though a few developers still seem hesitant to get on board. That means it's easy to squeeze in a round or two when you otherwise probably wouldn't have time to play another game .
    Xiaomi's, Mi Max 2 launched in India today

    Xiaomi's, Mi Max 2 launched in India today

    By bringing something like Mi Max 2 to India, the company can sell the phones that Chinese consumers don't particularly want here. The Mi Max 2 comes with Android 7.1.1 out of the box and will be available in matte black with a fingerprint resistant coating.
  • Chris Evans and Gary Lineker top BBC pay league

    Chris Evans and Gary Lineker top BBC pay league

    Radio 2 host Chris Evans topped the table, in a salary bracket of £2,200,000 - £2,249,999. The highest-paid actor at the BBC is Derek Thompson, who plays Charlie in Casualty .
    National Robotics Team Gets Red Carpet Welcome In US

    National Robotics Team Gets Red Carpet Welcome In US

    One member of the team, Yasamin said: "I thank the U.S officials who supported us and did not forget the people of Afghanistan". AP reports that girls had been deeply disappointed by the initial rejections.
    Disney unveils first photos and video of Star Wars park

    Disney unveils first photos and video of Star Wars park

    For more than 60-years, Walt Disney Parks and Resorts have been making dreams come true, by creating new kinds of entertainment that families can enjoy and experience together.


Popular

Alexa is Coming to the Amazon Android App (This Week)
There was no formal announcement of the launch, but Amazon has confirmed the integration and is rolling out the service this week. So it looks like Alexa will be coming to the Amazon shopping app on Android some time this week.

How will India, England's World Cup final rivals, shape up?
Meg Lanning's side thumped India by eight wickets earlier in the competition in their most impressive display of the tournament. Harmanpreet Kaur mauled 171 off 115 balls - she was 41 off 60 before going on a brutal onslaught that would yield 131 off 55.

Ivan Perisic to Man Utd
Matic's alleged move to Old Trafford fell on its face after Man United stole Chelsea's top summer target Romelu Lukaku . And Inter manager Luciano Spalletti revealed Perisic would take full part in his side's pre-season tour of the Far East.

Tekken 7 Fans Wants Old Character First
As I predicted a bit ago, Bandai Namco has teamed up with other companies to bring more cross-over characters to Tekken 7 . Adding characters from a different franchise can attract their fans to your game.

New Evidence to Be Released in Investigation Into Indiana Teens' Slayings
Police are asking the public to focus on the person's facial features as the depiction of the hat may be inaccurate. She also captured a man's voice saying "down the hill" during what police call "criminal activity".

Federer-Berdych match starts at Wimbledon
Marin Cilic will face Sam Querrey in the last four as Wimbledon welcomes some new faces in the semi-final stage . If there's an opponent that Federer will have to be careful, it would be Berdych.

Pressure Up On Arizona Senators As New Health Bill Unveiled
Our current Senate seems caught up in very old battles that aren't helping to solve complicated problems for their constituents. Susan Collins , R-Maine, is also withholding her support because it would slow the rate of growth in spending on Medicaid.

Fowler returns to Scottish Open following '15 win
He had drifted back to 153rd in the rankings before winning the Portugal Masters in October 2016, but believes any future wins will not come as such a surprise. "But now I'll shift my focus to the tournament here.

Turkish Nightclub Apologizes for Coup Anniversary 'Democracy Party'
Did it give result? We will put an end to this scourge of terrorism at the end. The Turkish President said country was 'able to stand on its own two feet'.

Hugh Freeze filibusters, sticks to script of doomed campaign
Nutt's lawyer, Walter Morrison, said he didn't want to "try the case in the media". Later, Freeze admitted that his program did create the cloud swirling over it.