Reliance Industries to buy 24.92% in Balaji Telefilms for $64 mn

JioFiber broadband or Rs 500 4G phone What will Reliance Industries announce on July 21

JioFiber broadband or Rs 500 4G phone What will Reliance Industries announce on July 21

During the quarter, the company said employee-cost increased by 16.3 per cent at Rs 2,455 crore as against Rs 2,111 crore in the corresponding period of the previous year due to increased employee base and higher payouts.

Mukesh Ambani's Reliance Industries Ltd (RIL) on Thursday said its board has approved to pick around 25 per cent stake in Balaji Telefilms by acquiring 2.52 crore shares for around Rs 413 crore. Segment Ebit (earnings before interest and tax) also rose sharply by 43.7 percent to Rs 4,031 crore, "supported by favourable product deltas and volume growth".

Revenue for the period was up 26 percent to 900 billion rupees.

Reliance Industries (RIL) disclosed a good increase in consolidated net profit for the quarter ended June 2017.

RIL's reported earnings for the first quarter of fiscal 2018, especially for its refining business, was contrary to what analysts tracking the company expected.

On a consolidated basis, Reliance Industries reported a record net profit of Rs 9,108 crore, up 28 per cent year-on-year, on revenues of Rs 90,0537 crore.

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RIL, which operates the world's largest refining and petrochemicals complex at Jamnagar (Gujarat), will report its earnings on Thursday.

Said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited: " Jio has revolutionised the Indian telecom and data consumption landscape.

The business delivered strong PBDIT of Rs398 crore in 1Q FY18 as against Rs240 crore in the corresponding period of previous year, reflecting a robust growth of 65.8 percent. "This digital services business has been built to address the entire value chain across the digital services domain with smart applications to make life simple, lovely and secure".

"Over the past 3-4 years, we made significant investments in new plants, thus creating organic growth platforms for our energy and materials businesses".

RIL also became India's most indebted company with outstanding debt climbing to ₹2,00,674 crore as on June 30, against cash and cash equivalents of ₹ 72,107 crore. "Full commissioning of the new PX facility...will strengthen the integration with our polyester chain, Ramp-up of ethane import projects has helped in diversifying feedstock resources and mitigating risks for our existing crackers at Dahej and Hazira". BTL has a paid-up share capital of Rs 15.2 crore (as on March 31, 2017) and generated turnover of Rs 421 crore, Rs 293 crore and Rs 347 crore in FY17, FY16 and FY15, respectively.

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