Reliance Industries' Stock Soars Amid Profits Despite Oil Sector Woes

Reliance Industries Ltd saw its shares rise over 2% following a reported 2.4% increase in net profit for the March quarter. Although pressured by challenges in the oil and petrochemicals sector, the company benefited from retail store rationalization and improved telecom margins, achieving significant market valuation gains.

Shares of Reliance Industries Ltd soared over 2% on Tuesday, extending Monday's upward trend. The surge came after the conglomerate announced a 2.4% increase in net profit for the March quarter.

BSE observed the stock conclude at Rs 1,400.30 per share after reaching an intraday peak of Rs 1,410.90, while the NSE reported a 2.19% increase to Rs 1,398.90. The company's market capitalization grew by Rs 1,35,662.05 crore in two days, showcasing its strength as the top gainer among Sensex companies.

The profit rise, attributed to retail store optimization and improved telecom margins, helped mitigate issues facing its core oil and petrochemicals operations and higher finance costs. Reliance Industries stated that its consolidated net profit reached Rs 19,407 crore for the quarter, surpassing the previous year's figure of Rs 18,951 crore for the same period.

(With inputs from agencies.)