RIL dips 1% on BSE after muted Q2 results
Mumbai: Shares of Reliance Industries on Friday fell by nearly 1 percent on the Bombay Stock Exchange, a day after the company reported a 6.4 percent drop in its net profit for the second quarter of the fiscal.
At 1032 hrs, the scrip of RIL was quoted at Rs 1,984 on BSE, down by 0.99 percent over the previous close. In early trade RIL had fell by 1.89 percent to Rs 1,966.
On the National Stock Exchange, RIL fell by 0.93 percent to Rs 1,963. It had declined by 1.82 percent to Rs 1,963 in early trade. On the volume front, over 14.82 lakh shares were traded on both the bourses.
RIL, after the close of the market yesterday, reported a 6.4 percent drop in net profit at Rs 3,852 crore for the second quarter, as refining margins tumbled following crude oil`s fall from a record.
"With the refining margins continuously showing signs of volatility and weakness in the past few months, we need to review our estimates," domestic brokerage firm Sharekhan said in its research note.
The company earned USD 6 on processing of every barrel of crude oil at its giant refining complex at Jamnagar, less than half of USD 13.3 per barrel gross refining margin (GRM) in the second quarter of previous fiscal.
The stock markets were trading higher by 300 points at 16,353 points, riding on the back of optimism of a recovery in the US economy, index heavyweight RIL lagged.
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