Refining, petrochemicals margins lift RIL profit by 7%
13 October, 2017, 19:43 | Author: Cecil Buchanan
The telecom business reported a net loss of Rs 271 crore, but was profitable on the EBIT level at Rs 260 crore.
Operational performance overshoots analysts' expectations, with the EBITDA (Earnings before interest, tax, depreciation and amortization) at Rs 15,565 crore with margin at 16.4 percent in the second quarter of the ongoing financial year.
Reliance Jio's sister arm, Reliance Retail, said that it sold 3 million LYF smartphone and Mi-Fidevices and accessories through distribution channel during the quarter ended September. As the latest entrant to India's highly competitive telecom sector after its launch in September 2016, Jio shook the sector and sparked a price war by offering free voice calls for life and drastically reduced tariffs. It commenced commercial operations from July 2017, as per the statement.
"Exports from the refining and petrochemical operations during the second quarter at Rs 41,560 crore were higher by 10.2 per cent, as against Rs 37,717 crore exported in the same quarter of a year ago, due to higher volumes and product prices", the company said.
Reliance will continue to spend around Rs 7,000 crore a quarter on Jio for the next few quarters, Anshuman Thakur, Reliance Jio's head of strategy said.
"The world is transforming, turning digital and India is not going to be left behind", he said in a statement.
Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: "Our Company reported another quarter of robust performance". Jio said its users consumed over 1.78 billion hours of high-speed video per month during the quarter.
Jason Aldean resumes tour after mass shooting in Las Vegas
Two of Las Vegas shooting survivors were present at Thursday's concert, according to Tulsa radio station KWEN-FM (K95.5). Before beginning his set, he made it clear that the attack would not stop him from doing the things he loves most.
AbbVie Inc. (NYSE:ABBV) Closed 8.1% Above Its 50 Day Average
September 15 investment analysts at Jefferies left the company rating at "Buy" and raised the price target from $94.00 to $107.00. The company reported $1.42 earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of $1.40 by $0.02.
The average revenue per user of Jio during the quarter stood at 156.4 per month.
The Jio numbers comes at a time when the sector is complaining of financial stress, and revenues and profits of the older telcos have taken a beating.
Reliance Industries chief financial officer, Alok Agarwal. In April-June quarter, Idea posted loss of Rs 815.9 crore while RCom posted loss of Rs 1,210 crore.
RIL also witnessed revenue from petrochemicals business increase by 24.9 per cent to Rs 27,999 crore during the quarter ended September 2017 on the back of higher volumes in the polyester chain and firm prices. On the other hand, the telecom operator posted EBIT of Rs 260 crore with EBIT margin of 4.2 per cent.
The Telecom Commission - the highest policy making body of the Department of Telecom - recently approved recommendations of an interministerial group for giving six more years to telcos to pay for the spectrum they bought in auctions.
Adding to the financial worries of old operators, the telecom regulator has slashed the domestic mobile termination charges by almost 58 per cent to 6 paise a minute, prompting many operators to approach the courts against the TRAI decision. Capital expenditure was principally on account of ongoing projects in the petrochemicals and refining business at Jamnagar and digital services business.
According to the report, the infractions panel could not conclude academic violations in the North Carolina case. The infractions panel is chaired by Southeastern Conference Commissioner Greg Sankey and includes former U.S.
From there, if a restaurant supports more than one of Facebook's ordering partners, you'll be able to choose between them. The feature will incorporate several food ordering services including Delivery.com, EatStreet, and ChowNow.
He said that there is pan-India perception that wherever Rahul Gandhi goes for campaigning then Congress' defeat is guaranteed. Yogi Adityanath also attacked the ideology of the Congress during his address.
Trump went on to briefly pivot toward his push to cut taxes, calling for tax reform as a "Christmas gift". Trump has spoken at the event three times before but this is his first attendance since he took office.
It's too early to make a judgment either way, but perhaps Penn State might be worrying over nothing - for now. On the hot seat only a little over a year ago, Franklin is now the toast of college football.
The Company also manufactures certain components for internal use in fluid delivery systems and for direct sales to its customers. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website .
Acelrx Pharmaceutica (NASDAQ: ACRX ) shares traded -59.81% down during most recent session to reach at the closing price of $2.15. Following the completion of the transaction, the insider now owns 16,379 shares of the company's stock, valued at $86,644.91.
It is called the "number of the Beast" in Chapter 13 of the Book of Revelation in the New Testament of the Bible. As the carrier is switching around some flight numbers later this month, Flight AY666 will become AY954.
It improved, as 12 investors sold Senior plc shares while 45 reduced holdings. 26 funds opened positions while 59 raised stakes. Over the last 30 and 90 trading days the company share price has increased 0.65 points and increased 46.7 points respectively.
After "Baahubali" series, Rajinikanth's "2.0" is being touted as the costliest project in the South Indian film industry. The first look posters of Akshay Kumar had already stunned the audience and now the actor will change his voice for 2.0.
Manchester City striker, Sergio Aguero, has opened up about his miracle escape from a vehicle crash in Amsterdam on September 29. Guardiola also stated on team spirit: "I think it is a big mistake when you say that a player is more important than others".
Comcast Corporation (CMCSA ) has been given an average price target of $46 from analysts, according to data collected by Finviz . Also, there are 1 buy, 0 sell and 0 strong sell ratings, collectively assigning a 1.13 average brokerage recommendation.
Race for Unesco's top post tightens
The agency's outgoing head, Bulgaria's Irina Bokova, told French radio that Unesco's "universal mission was in jeopardy". Washington has walked out on UNESCO once before, in 1984, after a row over funding and alleged anti-US bias.
Raju Gari Gadhi 2 Movie Review & Rating
Raju Gari Gadhi 2 is the horror comedy genre film hits the screens on 13 October as a Diwali surprise to the audience. King Nagarjuna is the major highlight of the film and his character has been written, designed and presented well.
Retail Sales Surged in September
Nonstore retailer sales are up 9.2% year-over-year as online retailers continue to grow their market share. The year-over-year overall increase was even stronger, however, at 4.6 percent without vehicle sales.
Mobile To Cap Mobile Without Borders To 5GB
Also, the capped plan users would not be able to use the leftover data in Canada or Mexico, but it will be carried forward. T-Mobile notes you can still pay for the One Plus International add-on and get unlimited LTE in Mexico and Canada.
Marathon Petroleum Corp (MPC): +DI Recorded Above
It turned negative, as 53 investors sold MPC shares while 274 reduced holdings. 64 funds opened positions while 161 raised stakes. The company's shares were given away at $54.33 per share worth to an income of some $1,358,250 on account of Kelley Thomas M.