Business Desk: Investors are not happy with the quarterly results of Mukesh Ambani's Reliance Industries. The proof of this is that Reliance Industries shares fell more than 2 per cent in the stock market on Monday morning. The Reliance Industries stock opened at Rs 1963.70 on the Sensex at the start of business in the morning. At the close of business on Friday, the stock was at Rs 1994.45. On the NSE Nifty, Reliance shares closed at Rs 1,994.50 on Friday evening and opened at Rs 1,966 on Monday morning.
Shortly after the commencement of business on Monday, the Reliance Industries stock touched a low of Rs 1943.70 on the Sensex. However later it was running at a level of Rs 1957.70 at around 11 am. On the Nifty too, it had reached a low of 1,943.10, later trading at the level of Rs 1953.90 around 11 am.
Profits rose 129%
Reliance Industries had released its financial results for the January-March quarter on Friday evening. The company's consolidated net profit in the fourth quarter increased 129 per cent to Rs 14995 crore. The consolidated income of Reliance Industries in January-March 2021 stood at Rs 1,54,896 crore, an increase of 11 per cent over the same period last year. It has seen a growth of 24.9 per cent over the previous quarter. Reliance Retail's revenue rose 20 per cent year-on-year to an all-time high of Rs 41296 crore in the March quarter.
The company has also announced a dividend at the rate of Rs 7 per share to its shareholders for the financial year ended 31 March 2021. Reliance Industries' telecom and digital services company Jio Platforms reported a 0.5 per cent rise in profit to Rs 3508 crore on a quarterly basis. However, the company's revenue was down 6.1 per cent to Rs 18278 crore as compared to the previous quarter.