RIL falls after giving up early gains

New Delhi, Shares of Ltd gained 1 per cent in early trade on Monday after the company reported its best-ever quarterly performance in October-December 2021. The stock of the country's most valued firm by market valuation jumped 1.04 per cent to Rs 2,504.10 in early trade on the BSE.

At the NSE, it gained 1.08 per cent to Rs 2,504.75.

But, later the stock gave up all its early gains and was trading over 1 per cent lower on the bourses amid profit-taking.

The company commanded a market valuation of Rs 16,57,689.52 crore in early trade on the BSE.

Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported its best-ever quarterly performance in October-December 2021, helped by an uptick in two 'Rs' -- refining and retail, a recent tariff hike accelerating growth at Jio and a one-off gain from the sale of US shale gas business.

The oil-to-retail-to-telecom conglomerate's consolidated net profit rose 35.6 per cent sequentially and 41.5 per cent over the year-ago period to Rs 18,549 crore in the quarter ended December 31, 2021, the firm said in a statement.

Consolidated revenue of the nation's biggest company by market value rose 9.5 per cent over the previous three months and 52.2 per cent year-on-year to record Rs 209,823 crore.

EBITDA or earnings before interest, tax, depreciation and amortisation climbed 30 per cent to a record Rs 33,886 crore. Three-fourths of this came from its traditional oil business as higher prices and demand returning from the bouncing economy helped earnings.

But the company, which during the pandemic declared itself net debt-free, saw its borrowings exceed cash in the third quarter of the current fiscal.