Reliance Industries declined 2.67% to Rs 2245 at 9:55 IST on BSE after it reported 13.2% rise in net profit to Rs 4110 crore on 40.8% increase in net sales to Rs 41579 crore in Q1 June 2008 over Q1 June 2007.
The results were more or less in line with market expectations
The company announced the results after trading hours yesterday, 24 July 2008.
Meanwhile, the BSE Sensex was down 434.06 points, or 2.94%, to 14,342.95. The market retreated on weak global cues. US stocks declined sharply on Thursday, 24 July 2008, after a report showing yet another drop in US home sales prompted investors to take profits in financial shares, which had rallied over the past week
On BSE, 4,267 shares were traded in the counter. The scrip had an average daily volume of 11.34 lakh shares in the past one quarter.
The stock hit a high of Rs 289.95 and a low of Rs 2245 so far during the day. The stock had a 52-week high of Rs 3252.10 on 15 January 2008 and a 52-week low of Rs 1700 on 17 August 2007.
The large-cap company had outperformed the market over the past one month till 24 July 2008, gaining 8.02% compared to the Sensex’s return of 3.92%. It had also outperformed the market in the past one quarter, declining 12.11% compared to Sensex’s decline of 13.72%.
The company has an equity capital of Rs 1453.65 crore. Face value per share is Rs 10.
The current price of Rs 2245 discounts its Q1 June 2008 annualised EPS of Rs 113.07, by a PE multiple of 19.85.
Nearly 95% of the increase in turnover was due to increase in prices, with volume increases accounting for the rest, said a press release of Reliance Industris (RIL) on Q1 results.
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