Friday, Jun 02, 2023 | New Delhi 31*C

Over 3% fall in Reliance Industries shares is a great investment opportunity

Reliance Industries Ltd's (RIL) consolidated net profit fell 5 percent in the June quarter to Rs. 15,138 crores. Because of this, on Monday, July 22, the stock price fell by more than 3 percent.
3 Month ago

Shares of Reliance Industries Ltd (RIL) fell by two per cent as the stock market opened on Monday in the first trading session of the week and were down more than 3 per cent during the day. The fall in the company's shares is actually due to a decline in June quarter results.

Shares of Reliance Industries today fell to Rs. 3070.15 and shortly after closed at Rs. had slipped to 3019.20. At the time of writing, the stock is trading at 3,010.20, down 3.22 percent.

How were the results of Reliance Industries?

Reliance Industries Limited, the country's largest company by market cap, saw its consolidated net profit fall 5 percent in the June quarter to Rs. 15,138 crores. In the same period a year ago, it was Rs. 16,011 crores.

Earlier, the profit of the company in the January-March quarter was Rs 18,951 crore. Thus, the company's profit fell by 20 percent sequentially in the last quarter.

Why did Reliance's profit fall?

Let us tell you that the profit of Mukesh Ambani's flagship company Reliance has declined due to weak refining margins and high depreciation costs. Profits were lower than expected but revenues were in line with expectations.

In the June quarter of fiscal 2024-25, Reliance's revenue from operations rose 12 percent year-on-year to Rs. 2.36 lakh crores. In the same period a year ago i.e. April-June 2023-24 it was Rs. 2.10 lakh crore was.

The company's profit was well below market estimates. Estimate Rs. 16,341 crore, while revenue was in line with expectations.

Today we understand through the indicator how the coming time will be for the investors

Fibonacci indicator helps investors understand when to exit a stock, Fibonacci extension is an indicator that is drawn beyond the 100% level and these levels are used by the trader to identify the possibility of exiting the trade and taking profit. Let's use this in Reliance store. let's do The stock is already trading below the danger line. Below this there is a white line, a red candle is continuously formed and if this white line is touched, the share price will fall further, there are three targets given here. Investors can exit according to their profit. Currently the shares of the company are trading at 3008. And this is continuously declining.

Download App from
playstore
appstore

Cryptocurrency News

Bitcoin Price
₹ 23,15,263 -2.89%
Bitcoin Price
₹ 23,15,263 +2.89%
Bitcoin Price
₹ 23,15,263 +2.89%

Advertisement