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:

  • Chicago White Sox Trade Phase all but completed

    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.
    Northern lights forecast excites weather buffs, etc.

    Northern lights forecast excites weather buffs, etc.

    Peak viewing time will be from around midnight to 3 a.m., but aurora can potentially be seen through most of the overnight hours. The aurora happens when those particles get caught up in Earth's magnetic field, and causes the green colors you see.
  • Discovery in Talks to Combine With Scripps Networks

    Discovery in Talks to Combine With Scripps Networks

    SNI is already driving a 1.81% rally over the course of the past year and is now down -6.1% since this point in 2017. A report that two major media companies are discussing a merger sparked an upturn in both companies' stock prices.
    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.
    Turkish Nightclub Apologizes for Coup Anniversary 'Democracy Party'

    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'.
  • Trump outlines his goals for renegotiating NAFTA

    Trump outlines his goals for renegotiating NAFTA

    Such a move could result in a lot more tit-for-tat trade actions and potentially disrupt business between the countries. Trump has threatened to withdraw from Nafta if Mexico and Canada don't agree to more favorable terms for the U.S.
    Exclusive First Look Photo in movie 'A Wrinkle in Time'

    Exclusive First Look Photo in movie 'A Wrinkle in Time'

    The character has so much amusing going on, you really need someone who's proven and who's done a bit of it all, and that's Reese. The first images of Oprah Winfrey and other stars in Disney's " A Wrinkle in Time " have been released.
    Hugh Freeze filibusters, sticks to script of doomed campaign

    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.
  • 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.
    Jaguars' Dante Fowler Arrested After Bizarre Attack On Florida Man, Per Report

    Jaguars' Dante Fowler Arrested After Bizarre Attack On Florida Man, Per Report

    The Jaguars are aware of the situation involving defensive end Dante Fowler Jr . and are now gathering more information. The Jaguars released a statement saying they had communicated with Fowler but would have "no further comment".

    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.


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.

Cavaliers talking contract with Derrick Rose
The Cavaliers are reportedly offering Rose a minimum contract for $2.1 million to join the defending Eastern Conference champions. The move gives the Cavs a decent player off the bench, but it could still not be enough for them to beat the Warriors .

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 .

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
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.

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.

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.

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.

Value of Denver Broncos jumps in latest Forbes rankings
Ahead of the 2015-16 season, Adidas became United's new kit sponsor worth almost $1 billion over the next 10 years. And in the latest Forbes list of Most Valuable Sports Teams, Baltimore's team, the Ravens are in the top 30.