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Following the selloff in fully paid-up equity shares on Monday, Reliance Industries’ partly paid-up (PP) rights shares hit 10 per cent lower circuit limit after the company on Friday reported a 15 per cent year-on-year (YoY) drop in net profit at Rs 9,567 crore for the quarter ended September 30.
RIL’s PP shares plunged 10 per cent to Rs 1,066, while fully paid up shares traded 6.73 per cent down at Rs 1,916.
The oil-to-telecom major saw consumer-facing units doing well amid the lockdown easing but the core business continued to face pressure. Petrochemicals revenue declined 23 per cent YoY to Rs 29,665 crore and pre-tax profit dropped 33 per cent YoY at Rs 5,964 crore.
The firm’s net addition of 7.3 million subscribers and per-user revenue rising to Rs 145 helped the telecom business soar.
Digital services, which include the telecom arm Jio, saw pre-tax profit surge 53 per cent to Rs 8,345 crore as revenues soared by more than one-third.
The partly paid shares of Reliance Industries listed on bourses post the Rs 53,000 crore rights issue. RIL’s PP had made a robust debut on June 15 with more than 120 per cent gains. The partly paid shares, which were issued at Rs 314.25, had scaled a new high of Rs 1,469.95 on September 16.
RIL’s PP shares plunged 10 per cent to Rs 1,066, while fully paid up shares traded 6.73 per cent down at Rs 1,916.
The oil-to-telecom major saw consumer-facing units doing well amid the lockdown easing but the core business continued to face pressure. Petrochemicals revenue declined 23 per cent YoY to Rs 29,665 crore and pre-tax profit dropped 33 per cent YoY at Rs 5,964 crore.
The firm’s net addition of 7.3 million subscribers and per-user revenue rising to Rs 145 helped the telecom business soar.
Digital services, which include the telecom arm Jio, saw pre-tax profit surge 53 per cent to Rs 8,345 crore as revenues soared by more than one-third.
The partly paid shares of Reliance Industries listed on bourses post the Rs 53,000 crore rights issue. RIL’s PP had made a robust debut on June 15 with more than 120 per cent gains. The partly paid shares, which were issued at Rs 314.25, had scaled a new high of Rs 1,469.95 on September 16.
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1 Comment on this Story
 | Suresh Kamath3 minutes ago RIL FUTURE buy out seems to have HIT a STORM and such deals NEED to be Reviewed by the AUTHORITY who SHOULD also NOT allow FUTURE Promoters to Call of Overlooking such ORDERS fro SINGAPORE Court and irresponsible Biyani MUST be penalized and with hefty fines and the entire ASSETS be seized for NOT paying out to Creditors of their dues and yet CLAIMS to REJECT the ORDER of SINGAPORE Court ?? Is he above ALL Laws of BUSINESS Authority and MUST be made realize the BASIC Sense to this Person and MUST be Punished for all such acts and spoiling the Business ethics |