Reliance Industries gains post Q2 results
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Reliance Industries is trading higher by nearly 2% at Rs 973 on BSE in early morning deals after it reported a better-than-expected consolidated net profit at Rs 5,972 crore for the quarter ended September 2014 (Q2) on back of improved gross refining margins (GRMs) and lower input costs. The company had registered a profit of Rs 5,873 crore during the same quarter last fiscal.
However, consolidated net sales declined 4.3% to Rs 113,396 crore from Rs 118,439 crore for the corresponding quarter of previous fiscal.
Analysts on an average had expected net profit of Rs 5,593 crore and net sale of Rs 98,246 crore from the oil and gas major.
The stock opened at Rs 980 and has seen a combined 750,000 shares changed hands on the counter so far on BSE and NSE.
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