Reliance Industries Ltd is expected to see year-on-year growth in earnings for the quarter ended December, but the growth is expected to be in single digits due to a weak performance by the oil-to-chemicals business. The digital business, housed under Reliance Jio Infocomm, is expected to have continued its good performance, while the retail business is also expected to have performed well in the last quarter.
India’s largest company by market capitalisation, Reliance Industries, saw its shares rally 3% to reach a new 52-week high. The sharp rise in stock price was supported by increased trading volume. The company also announced the upcoming commissioning of a green energy complex in Jamnagar and a carbon fibre facility in Hazira. These developments are expected to boost Gujarat’s position in the green products and circular economy sectors. Top brokerages continue to recommend buying Reliance Industries shares.
BharatPe, a leading fintech unicorn, witnessed a remarkable increase in revenue for FY23. Although the losses narrowed, the company still incurred losses of over Rs 800 crore before tax. In line with its strategy for sustained profitability, BharatPe plans to control expenses and introduce new merchant-focused products. The startup’s lending vertical experienced a significant rise of 129% in loan disbursements. The shift towards profitability has become crucial due to investors’ emphasis on financial prudence.
India’s largest consumer goods firm Hindustan Unilever (HUL) reported a 4% increase in both net profit and sales in the September quarter, saying the market was gradually recovering as inflation is no longer a concern. This revival, however, is largely led by urban markets, while demand in rural areas has fallen.
