Reliance settles over 1% higher; midcap surges by Rs 5,242 crore

Shares of Reliance Industries ended over 1% higher and hit a nine-year high on Tuesday, adding Rs 5,242 crore to its market valuation, after the company reported a record fourth quarter net profit of Rs 8,046 crore.

The stock gained 1.14% to end at Rs 1,432.50 on BSE. During the day, it jumped 3.43% to Rs 1,465 -- its multi-year high.

At NSE, shares of the company rose by 1% to close at Rs 1,432.80. Led by the gain in the stock, the company's market valuation went up by Rs 5,242.44 crore to Rs 4,65,753.44 crore - the maximum for any listed company in the country.

The rise in stock price helped RIL maintain the status of most valued Indian company by market capitalisation for the second consecutive day on Tuesday.

On the volume front, 6.27 lakh shares of the company were traded on BSE and over 84 lakh shares changed hands on NSE during the day.

Reliance Industries on Monday reported a record fourth quarter net profit of Rs 8,046 crore, buoyed by higher earnings from its petrochemicals business and an 8-year high refining margin.

Consolidated net profit for the operator of the world's biggest oil-refining complex rose to Rs 8,046 crore, or Rs 27.3 per share, in January-March quarter compared with Rs 7,167 crore net profit in the same period of previous year, it said in a statement.

Operating profit, or earnings before interest and tax, from its petrochemicals segment jumped 26% from a year earlier to Rs 3,441 crore, while that from its refining business was almost flat at Rs 6,294 crore.