RIL Q1 profit up 28% to Rs 9,108 cr

New Delhi, July 20 

Reliance Industries Ltd (RIL) today reported its highest quarterly consolidated net profit of Rs 9,108 crore in three months to June 30 on the back of higher petrochemical margins and one-time gain from sale of African asset. Net profit in the April-June quarter of the current fiscal at Rs 9,108 crore was 28% higher than Rs 7,113 crore in the same period of the last financial year, RIL said.

Revenue grew 26.7% to Rs 90,537 crore primarily on account of increase in prices and volumes of refining and petrochemical products, partially offset by lower prices and volumes from oil and gas exploration and production business.

Reliance Jio to raise Rs 20K cr via rights issue 

Reliance Jio will raise Rs 20,000 crore through a rights issue to meet funding requirements.

“The Board of Directors at its meeting held on Thursday decided to make a rights issue of four billion — 9% non-cumulative optionally convertible preference shares (OCPS) of Rs 10 each for cash, at a premium of Rs 40 per OCPS, aggregating Rs 20,000 crore,” Reliance Jio Infocomm said.

Wipro to buy back shares worth Rs 11,000 crore

Wipro on Thursday posted a 1.2% rise in its consolidated net profit at Rs 2,076.7 crore for the April-June quarter. Besides, the company’s Board has announced a share buyback proposal of Rs 11,000 crore entailing 34.3 crore equity shares at Rs 320 apiece.

For the June quarter, IT services revenue was at $1,971.7 million, up 2.1% from the year-ago period. — PTI