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.
Trump to speak at anti-LGBT conference on Friday
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.
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.
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.
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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.
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.
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.
The unsent text message was never sent but had important information that convinced the court that the man was using it as a will. Justice Susan Brown said the informal nature of the draft message did not stop it from revealing what the man wanted.
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.
But President Donald Trump keeps trying to paint him into a corner, in an effort to prove that he's the most patriotic. The argument that those who protest are protesting America or the National Anthem is completely invalid.
Colony Group LLC purchased a new position in shares of Sirius XM Holdings during the second quarter worth approximately $102,000. The Magic Formula was introduced in a book written by Joel Greenblatt, entitled, "The Little Book that Beats the Market".
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Conte predicts three-week absence for Chelsea star Kante
Morata didn't play for Spain over the last fortnight, but Conte hopes he will return to face Roma at Stamford Bridge on Wednesday. The Spaniard limped out of Chelsea's 1-0 defeat to City at Stamford Bridge and subsequently missed the global break with Spain.