Reliance industries the giant in the market gave an incredible shot with the huge profit earned in the quarterly record. RIL surprised investors on Friday by posting profit of Rs 6,720 crore for the three months ending in September 2015. Billionaire Mukesh Ambani run Reliance Industries gained a profitable outcome which awakened the investors and popped them up to invest more in the market.
A subsequent rise in the gross refining margin (GRM) aid the company post record numbers, as said by the Reliance industries. As per the record, GRM for the second quarter rest at $10.6 per barrel, that marked a sharp rise in the profit. It seems to be highest in the past seven years.
Mr Ambani, chairman and managing director of Reliance Industries said “We achieved record levels of EBITDA and profits for the quarter, underscoring our ability to optimally utilize our assets across the value chain to leverage favorable market conditions.”
The refining business benefited from a combination of high utilization levels, advantageous crude market opportunities and strong global fuels demand, the company said.
For the first time RIL turnover of quarterly achieved a mind wobbling milestone of RS 5000 crore.
The company also said “Its telecom business, under the Reliance Jio brand, has completed the network roll-out and is being tested.”
It was amazing to see Reliance rising with such a sharp steep and thereby lead the fund manager Sandip sabharwal tweeted “Reliance beats consensus convincingly. Tables in market outperformance seem to be turning… Reliance most under-owned large caps by funds”.
