On Monday the share price of the large-cap company rose by 1.4 percent to hit its 52-week high of Rs 2,780 per share from its previous close of Rs 2,740 after the company sold its wholly-owned subsidiary for USD 22 Million.
Reliance Industries subsidiary REC Solar Holdings is set to sell Elkem ASA a 100 percent equity share of REC Solar Norway for USD 22 million on January 14, 2024, according to an exchange filing.
Elkem ASA, a silicon-based material provider founded in 1904, had approximately NOK 45.9bn in sales in CY2022. It is listed on the Oslo Stock Exchange and is not associated with the Company’s Promoter, Promoter Group, and group companies.
In Q2FY24, their net revenue climbed by 1 percent year over year to Rs 2,31,886 crores from Rs 2,29,409 crores in Q2FY23. On a quarterly basis, their revenue rose by 11 percent from Rs 2,07559 crore in Q1FY24 to current levels.
Furthermore, net profit increased by 28 percent year on year, rising from Rs 15,512 crores in Q2FY23 to Rs 19,878 crores in Q2FY24. Their net profit rose 8.8 percent sequentially from Rs 62 crores in Q1FY24 to current levels.
Reliance Industries Limited is a large-cap company with a market capitalization of Rs 18,77,470 Crores. The share price of the company rose by 13.5 percent in the last month.
The company has a low debt-to-equity ratio of 0.44, a return on equity of 9 percent, a return on capital employed of 9.1 percent, and a net profit margin of 8 percent
The company is 50 percent owned by promoters, 12 percent by public investors, 23 percent by foreign institutional investors, and 15 percent by domestic institutional investors.
Reliance Industries Limited is an Indian company that specializes in hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewables (solar and hydrogen), retail, and digital services.
Written by Sriram KV
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