Reliance Industries surprised the Street with a record standalone net profit of Rs 7,704 crore for the quarter ending September 2016 (Q2 FY17), 17.9 per cent higher than the Rs 6,534 crore profit after tax (PAT) reported in the same period last year. Bloomberg consensus estimates had pegged the net profit at Rs 7,239 crore on revenue of Rs 58,004 crore. Standalone revenue, too, was ahead of estimates at Rs 64,344 crore.

The petroleum ministry’s technical arm Directorate General of Hydrocarbons (DGH) is likely to take into consideration capital and operational expenditure incurred by Reliance Industries (RIL) while computing the penalty being imposed on the firm in regard to its commercial production of gas migrated from state-run ONGC’s 98/2 area to RIL’s KG-D6 block.

Reliance Industries (RIL) is expected to see its gross refining margins (GRM) decline in the September quarter after repeating a seven-year high in the June quarter, even as analysts expect its petrochemical margins to remain healthy and offset the fall in GRMs.

In a Bloomberg poll, five analysts estimated a consolidated net profit of Rs 7,268 crore and revenue of Rs 62,920 crore. In the September 2015 quarter, the company reported a consolidated net profit of Rs 6,720 crore and turnover of Rs 75,117 crore. RIL will announce its financial results for the July-September 2016 quarter on October 20.

The government will seek compensation from the Mukesh Ambani-promoted Reliance Industries (RIL) for producing natural gas that migrated from an adjoining block of Oil and Natural Gas Corporation.

Besides, the petroleum ministry will conduct an internal inquiry into any lapses by the state-owned company.

Reliance Industries (RIL), Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) and Castrol India from the S&P BSE Oil & Gas index hitting their respective 52-week highs in intra-day trade on Monday.

At 03:07 PM, the S&P BSE Oil & Gas index was up 0.16%, as compared to 1.2% decline in S&P BSE Sensex. The index hit an intra-day high of 11,573, its highest level since September 10, 2014.

Reliance Industries (RIL) was up 2.2% at Rs 1,089, extending its Thursday’s 2% gain on the BSE. The stock is currently trading close to its 52-week high of Rs 1,090 touched on January 15, 2016 in intra-day trade.

In past two-weeks, the stock has outperformed the market by gaining 7.5% as compared to 0.72% rise in the Nifty 50 index.

Reliance Industries Ltd’s (RIL) Hazira manufacturing unit in Gujarat has come under the scanner of central revenue authorities for alleged excise duty evasion of at least Rs 25 crore.

The Directorate General of Central Excise Intelligence (DGCEI) here has started a probe in the case and sought certain clarification from RIL, official sources said.

With one of the largest business conglomerates in India, Reliance Industries Ltd (RIL), parking more than a billion dollars for start-ups in the country, the clogged wheels of the start-up ecosystem might again see motion in India, industry insiders believe.

The Mukesh Ambani-led company on Thursday announced that it is setting up a Rs 5,000 crore fund, under the name of Jio Digital India Startup Fund, to invest in digital businesses. According to analysts, the fresh inflow of funds as and when it happens, might just help in re-igniting investor sentiment in the country.

Reliance Industries (RIL) in its 42nd Annual General Meeting announced the much-awaited launch of Reliance Jio on September 5. Chairman Mukesh Ambani announced the there will be no charges on voice calls and roaming within India will remain free for customers. He further declared cheaper data tariffs for Jio customers.

A P Shah committee, which was looking into the dispute over transportation of natural gas from ONGCKG base’s blocks in KG basin to the neighbouring fields of Reliance Industries Ltd (RIL), is set to submit its final report on Wednesday.

“The report will be submitted to the concerned joint secretary (exploration), Amar Nath, by 2 p.m. on Wednesday. The ministry will examine the recommendations of the panel and will take a decision later,” said a petroleum ministry official.

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