Reliance Industries shares jump nearly 3% after earnings

Shares of Reliance Industries on Monday gained nearly 3% after the company reported a 43% jump in its September quarter net profit.

The market heavyweight stock jumped 2.73% to ₹2,699 on BSE. On NSE, it gained 2% to ₹2,680.

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Later, the stock gave up early gains on profit-taking and was trading nearly 1% lower.

Billionaire Mukesh Ambani’s firm on Friday reported a 43% jump in its September quarter net profit as its businesses from oil to retail fired on all cylinders, growing both sequentially and on a year-on-year basis.

Net profit of ₹13,680 crore or ₹20.88 per share, in July-September compared with ₹9,567 crore or ₹14.84 a share, in the same period a year back, the company said in a statement.

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While better realisation and a sharp rise in crude oil prices benefited the old-economy business, retail saw footfalls at stores reach pre-COVID levels and per user earning from telecom business rose.

Revenue was up 49% at ₹1,91,532 crore. Reliance operates four business verticals – the oil-to-chemical (or O2C) business includes its oil refineries, petrochemical plants and fuel retailing business; retail business that houses brick-and-mortor stores and e-commerce; digital services that cover telecom arm Jio; and new energy business.