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Experts feel that RIL is likely to open higher with a gap-up of possibly 4-5 percent on Monday when market resumes trading.
Ltd which reported its results for the quarter ended June post market hours on Friday disappointed in terms of net profit but revenue growth, EBITDA, and margins which were above Street estimates.
The share of RIL closed 1.7 percent higher at Rs 1,129. The stock has already rallied over 20 percent for the year 2018 and over 35 percent in the last one year.
Experts feel that RIL is likely to open higher with a gap-up of possibly 4-5 percent on Monday when market resumes trading.
“RIL closed at a market cap Rs 7.16 lakh crore on Friday and TCS market cap stood at Rs 7.40 lakh crore. I would not be surprised RIL jumping 4-5 percent on Monday to reach levels of Rs 1,170-1,180 and in that process, it might surpass TCS and will become a largest market cap company,” SP Tulsian of sptulsian.com said in an interview with CNBC-TV18.
Net Profit:The Oil & Gas major, RIL reported a consolidated net profit of Rs 9,485 crore for the quarter ended June 30 which was slightly lower than a CNBC-TV18 poll of Rs 9,570 crore.
Total Revenue:Consolidated revenue during the quarter increased 10.1 percent sequentially to Rs 1.29 lakh crore, backed by growth across the board.
Increase in revenue is primarily on account of higher realizations of refining and petrochemical products led by 49 percent YoY increase in Brent oil price. “Increased revenues also reflect higher volumes with start-up and stabilization of petrochemicals projects,” said the release.
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Source:https://www.moneycontrol.com/news/business/earnings/ril-likely-to-open-higher-on-monday-top-10-takeaways-from-q1-results-2773831.html
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