Reliance Soars: Profit Surge Fuels Market Valuation Boost

Reliance Industries Ltd's shares rose nearly 3% after reporting a 7.4% increase in December quarter net profit. The stock ended significantly higher on exchanges, driven by robust retail, telecom, and oil business performances. The firm's market valuation surged significantly, reflecting strong all-around growth.

Reliance Industries Ltd's stock saw a remarkable 3% increase on Friday, following the company's announcement of a 7.4% rise in net profit for the December quarter. This boost was attributed to a rebound in retail business, increased telecom earnings due to higher tariffs, and steady performances in oil and petrochemicals.

The stock closed at Rs 1,301.30 on the BSE, lifting the company's market valuation by Rs 44,115.55 crore. On the NSE, it finished at Rs 1,300 per share, climbing significantly during intra-day trading.

Reliance's consolidated net profit reached Rs 18,540 crore, rising sequentially from Rs 16,563 crore the previous quarter. Despite a rise in finance costs due to increased debt, the company's EBITDA grew by 7.8%, while yearly revenue increased by 7.7% to Rs 2.67 lakh crore.

(With inputs from agencies.)