AgenciesRelated
NEW DELHI: Reliance Power shares hit the upper circuit in early deals on Monday after the Anil Ambani-led firm reported a consolidated net profit of Rs 72.56 crore for the March quarter, mainly due to lower expenses.
The company had posted a consolidated net loss of Rs 4,206.38 crore for the corresponding three-month period a year ago, it said in a filing to BSE. Sales declined 7.98 per cent to Rs 1,654.57 crore
The scrip hit the upper circuit of 10 per cent to log a new 52-week high of Rs 6.62, sharply outperforming the S&P BSE Sensex index, which was up 0.59 per cent at 49,495.63.
The total income of the company stood at Rs 1,691.19 crore in the March quarter as against Rs 1,902.03 crore a year ago. For fiscal year 2020-21, the company's consolidated net profit came in at Rs 228.63 crore, as against Rs 4,076.59 crore in 2019-20.
The smallcap utility company has been a multibagger in the last one year. The counter has soared as much as four times during this period to Rs 6.62 from Rs 1.66.
However, it was not the only company from the Anil Dhirubhai Ambani Group (ADAG) that traded higher on Monday after the earnings announcement.
Reliance Capital jumped 4 per cent after the financial firm reported narrowing of consolidated net loss to Rs 1,649 crore for the quarter ended March. The company had posted a net loss of Rs 2,179 crore for the January-March quarter of the last fiscal year.
Reliance Home Finance gained 2.5 per cent to Rs 2.85. The Reliance Capital subsidiary reported the widening of net loss to Rs 444.62 crore for the fourth quarter ended March 31. It had reported a net loss of Rs 238.37 crore in the same quarter of the previous fiscal year.
The company had posted a consolidated net loss of Rs 4,206.38 crore for the corresponding three-month period a year ago, it said in a filing to BSE. Sales declined 7.98 per cent to Rs 1,654.57 crore
The scrip hit the upper circuit of 10 per cent to log a new 52-week high of Rs 6.62, sharply outperforming the S&P BSE Sensex index, which was up 0.59 per cent at 49,495.63.
The total income of the company stood at Rs 1,691.19 crore in the March quarter as against Rs 1,902.03 crore a year ago. For fiscal year 2020-21, the company's consolidated net profit came in at Rs 228.63 crore, as against Rs 4,076.59 crore in 2019-20.
The smallcap utility company has been a multibagger in the last one year. The counter has soared as much as four times during this period to Rs 6.62 from Rs 1.66.
However, it was not the only company from the Anil Dhirubhai Ambani Group (ADAG) that traded higher on Monday after the earnings announcement.
Reliance Capital jumped 4 per cent after the financial firm reported narrowing of consolidated net loss to Rs 1,649 crore for the quarter ended March. The company had posted a net loss of Rs 2,179 crore for the January-March quarter of the last fiscal year.
Reliance Home Finance gained 2.5 per cent to Rs 2.85. The Reliance Capital subsidiary reported the widening of net loss to Rs 444.62 crore for the fourth quarter ended March 31. It had reported a net loss of Rs 238.37 crore in the same quarter of the previous fiscal year.
Read More News on
Download The Economic Times News App to get Daily Market Updates & Live Business News.