Reliance Industries' Shares Surge Amidst Impressive Q2 Profit

Reliance Industries Ltd shares rose nearly 4% after reporting a 9.6% increase in year-on-year net profit for the September quarter. The rise was supported by strong retail and telecom performance and recovery in its oil-to-chemicals segment, boosting market valuation by Rs 67,459.38 crore.

Shares of Reliance Industries Ltd (RIL) climbed nearly 4% on Monday, bolstered by a significant year-on-year profit increase of 9.6% for the September quarter. This rise was driven by strong consumer-facing retail and telecom businesses, alongside a recovery in its core oil-to-chemicals segment.

The stock closed up by 3.52% at Rs 1,466.80 on the BSE, peaking at Rs 1,473.55 during the day. On the NSE, shares settled 3.60% higher at Rs 1,467.90, lifting the company's market valuation by Rs 67,459.38 crore to Rs 19,84,943.09 crore, and propelling equity markets.

Reliance posted a consolidated net profit of Rs 18,165 crore for the July-September quarter, up from Rs 16,563 crore a year ago. Key drivers included 13% telecom earnings growth and 22% retail earnings surge. Jio Platforms Ltd, a digital and telecom subsidiary, reported a 13% rise in profits to Rs 7,379 crore.

(With inputs from agencies.)