Earnings Impact: Reliance Industries Shares Jump Nearly 3 Per Cent, ICICI Bank Shares Zoom Over 14 Per Cent

Shares of Reliance Industries on Monday gained nearly 3 per cent after the company reported a 43 per cent jump in its September quarter net profit.

The market heavyweight stock jumped 2.73 per cent to Rs 2,699 on BSE.

On NSE, it gained 2 per cent to Rs 2,680. Later, the stock gave up early gains on profit-taking and was trading nearly 1 per cent lower.

Billionaire Mukesh Ambani's firm on Friday reported a 43 per cent jump in its September quarter net profit as its businesses from oil to retail fired on all cylinders, growing both sequentially and on a year-on-year basis.

Net profit of Rs 13,680 crore, or Rs 20.88 per share, in July-September compared with Rs 9,567 crore, or Rs 14.84 a share, in the same period a year back, the company said in a statement.

Revenue was up 49 per cent at Rs 1,91,532 crore.

Meanwhile, shares of ICICI Bank jumped over 14 per cent after the company reported its highest ever quarterly profit on standalone basis at Rs 5,511 crore for September quarter 2021-22.

The stock zoomed 12.36 per cent to its 52-week high of Rs 853 on BSE. On NSE, it jumped 14.18 per cent to its 52-week high of Rs 867.

ICICI Bank on Saturday reported its highest ever quarterly profit on a standalone basis at Rs 5,511 crore for September quarter 2021-22 on the back of healthy loan growth across verticals, aided by a fall in bad loans.

The lender logged a standalone net profit of Rs 4,251 crore in the year-ago period.

Total income also rose to Rs 26,031 crore in July-September period of 2021-22, as against Rs 23,651 crore in the same quarter of the previous fiscal year, ICICI Bank said in a regulatory filing.

On a consolidated basis also, the lender posted its highest ever profit at Rs 6,092 crore in the quarter, as against Rs 4,882 crore in the same period of the previous fiscal year.

(With PTI Inputs)