Reliance Industries Q1 profit up 28 per cent

Balaji Telefilms chairman Jeetendra Kapoor. RIL will buy 25.2 million equity shares at Rs164 each subject to shareholder and other approvals

"RIL proposes to acquire 2.52 crore equity shares of BTL, constituting 24.92 per cent of the post-issue paid-up capital of BTL... for cash consideration of Rs 164 per equity share amounting to an investment of Rs 413.28 crore", the company informed the BSE. Its revenue increased 18.4 per cent annually to Rs 70,434 crore. The turnover in the quarter under review jumped by 73.6 per cent to Rs 11,571 crore against Rs 6,666 crore in the year-ago period.

"RIL reported a massive beat when compared with estimates and given the fact that it has already rallied quite a lot so far in the year 2017, I expect the stock to open higher with a 3-5 percent gap on Friday", SP Tulsian of sptulsian.com said in an interview to CNBC-TV18. Brent crude oil price averaged $ 49.9/bbl in 1Q FY18 as compared to $ 45.6/bbl in the corresponding period of the previous year.

The market capitalisation of the company crossed Rs. five lakh crore mark for the first time on July 17, which was at Rs. 4.97 lakh crore at Thursday's closing price.

Gross refining margin, the profit earned from each barrel of crude processed, was at $11.9 in the June quarter, up from $11.5 a year earlier.

RIL said its GRM outperformed Singapore complex margins by $ 5.5 per barrel. Marginally weaker product cracks environment on Q-o-Q basis was offset by yield shift and robust risk management. Revenues on a consolidated basis for RIL during the quarter grew 26.7%, to Rs 90,537 crore, against RS 71,451 crore in Q1FY17.

Mayawati accuses BJP of caste, religion-based politics
She also raised the suicide by Rohith Vemula and the flogging of Dalit men in Gujarat's Una by self-styled cow vigilantes. Mayawati has also threatened to resign from the Rajya Sabha for the same reason.

"Our Company recorded yet another strong quarterly performance with net profit of Rs 9,108 crore, up 28 per cent year-on-year".

1Q FY18 revenues for the Oil & Gas segment decreased by 1.2 percent on a Y-o-Y basis to Rs 1,324 crore primarily due to lower volumes in United States shale and domestic operations.

"Over the past 3-4 years, we have made significant investments in new plants, thus creating organic growth platforms for our energy and materials business", RIL chairman Mukesh Ambani said in the company's statement.

Other income was lower at Rs 2,124 crore ($ 329 million) as against Rs 2,378 crore in corresponding period of the previous year due to lower investible surplus.

Exceptional items during the quarter was Rs 1,087 crore ($ 168 million) representing profit from divestment of stake in Gulf Africa Petroleum Corporation (GAPCO). According to Ambani, full commissioning of new PX facility at Jamnagar during the quarter will strengthen the integration within our polyester chain.

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