TCS, Infosys lose the most in Mcap; RBI policy meet key next week
The market capitalisation (Mcap) of IT majors Tata Consultancy Services (TCS) and Infosys lost the most amid broad-based selloffs due to fear of recession in the global markets.
Shares of Reliance Industries Ltd (RIL) fell by 3 per cent Monday after its March quarter results failed to cheer investors.
The scrip declined 2.76 per cent to close at Rs 1,344.80 on the BSE. During the day, it fell by 3 per cent to Rs 1,341.
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On the NSE, shares dropped 3 per cent to close at Rs 1,344.
In terms of volume, 5.06 lakh shares were traded on the BSE during the day, while over one crore units changed hands on the NSE.
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Led by the decline in its scrip, the company’s market valuation plunged Rs 24,141.83 crore to Rs 8,52,435.17 crore on the BSE.
RIL Thursday posted the highest quarterly net profit by any Indian private sector firm with a 9.8 per cent rise in earnings in the period ended March 31 after robust business in retail and telecom sectors offset a dip in oil refinery margins.
“RIL delivered another solid quarter of YoY net profit growth despite GRMs at a 17-quarter low,” Centrum Broking Research said in a report on the company’s earnings.
The oil-to-telecom conglomerate reported a 9.8 per cent rise in its consolidated net profit at Rs 10,362 crore, or Rs 17.5 per share, in the fourth quarter ended March 31, 2019, as compared with Rs 9,438 crore, or Rs 15.9 per share, in the same period of the previous financial year, the company said in a statement.
This is the highest quarterly profit by any Indian private sector company. State-owned Indian Oil Corp holds the distinction of posting the highest ever quarterly profit by any Indian firm when it had reported a net profit of Rs 14,512.81 crore in January-March 2013 after it received the full-year fuel subsidy in just one quarter.
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