Indian Stock Market Tips, Sensex, Nifty Open At Record Highs; ICICI Bank Top Gainer
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Reliance Industries Advances After Meeting Estimates In Q1
Shares of the Mukesh Ambani-led oil-to-telecom conglomerate rose as much as 2.4 percent to a record high of Rs 1,157.30 after it met Bloomberg consensus estimates in April-June quarter.
Reliance Industries Ltd.’s profit grew in the June-ended quarter, helped by its petrochemicals and consumer businesses.
The company’s standalone net profit rose 1.4 percent sequentially to Rs 8,820 crore in the quarter ended June, according to its exchange filing. That compares with the Rs 8,525-crore consensus estimate of analysts tracked by Bloomberg.
Revenue rose 8.5 percent over the previous quarter to Rs 91,159 crore—higher than the Rs 88,503 crore estimated.
Operating profit grew 12.9 percent to Rs 15,154 crore.
Margins expanded 60 basis points to 16.6 percent.
Gross refining margin fell to $10.5 per barrel
Reliance's telecom venture reported its third straight profit beating estimates as average revenue per user fell less than expected.
Net profit for the telecom firm rose almost 20 percent quarter-on-quarter to Rs 612 crore in the three months ended June. That’s higher than the Rs 551-crore consensus estimate of analysts polled by Bloomberg Quinn.
Operating profit rose 16.8 percent to Rs 3,147 crore.
Operating margin expanded 101 basis points to 38.8 percent.
ICICI Bank Rises Amid Surprise Loss In June Quarter
Shares of the country's second largest private sector lender rose as much as 3.5 percent to Rs 303.60 despite reporting a loss in June quarter as brokerages maintained their 'buy' rating on the stock.
ICICI Bank reported a surprising net loss for the quarter ended June 2018 as the lender chose to set aside more money to cover for bad loans. This is the first quarterly loss reported by the private sector bank since at least 2001, according to Bloomberg.
The bank reported a net loss of Rs 119.55 crore in the April-June quarter compared with a profit of Rs 2,049 crore in the same quarter last year, according to its filing with the stock exchanges. Analysts polled by Bloomberg had forecast a net profit of Rs 1,306 crore.
Meanwhile, the brokerages have maintained their buy call on the stock. Here's what brokerages said
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