Reliance Industries shares climb over 2 pc after Q2 earnings

New Delhi, Oct 30 (PTI) Shares of Reliance Industries Ltd on Monday morning climbed more than 2 per cent after the company reported a 27 per cent jump in its September quarter net profit.

The stock went up by 2.37 per cent to Rs 2,319 apiece on the BSE.

On the NSE, it climbed 2.34 per cent to Rs 2,319 per share.

It was the biggest gainer among the Sensex and Nifty firms during the morning trade.

Reliance Industries Ltd on Friday reported a 27 per cent jump in its September quarter net profit as earnings from the oil and gas business rebounded, and a pick-up in fashion and grocery helped boost retail revenues.

The oil-to-retail-to-telecom conglomerate’s consolidated net profit of Rs 17,394 crore, or Rs 25.71 per share, in July-September — the second quarter of the current 2023-24 fiscal — was 27.3 per cent higher than Rs 13,656 crore, or Rs 19.92 a share, earning a year back, the company said in a statement.

The net profit was also higher quarter-on-quarter compared to Rs 16,011 crore earnings in the preceding three months ended June 30.

The firm, helmed by billionaire Mukesh Ambani, saw retail business getting good traction with growth in fashion and lifestyle as well as grocery and consumer electronics. Telecom revenues posted a modest increase as the company has not yet announced a tariff plan for 5G services even though there was a jump in data consumption with consumers migrating from faster networks.