· Cash & cash equivalent in hand Rs.28, 500crs ($5.9Billion), over 95% in bank.
· Jamnagar refinery 98% capacity utilization
Reliance continues to be amongst top 30 fastest climbers in the 2008 list of Global Fortune 500 companies, it is truly a rare feat in such recessionary times.
There were many rumors about hedging losses and Forex losses, but there is no such thing in the results going by the announcement. The company performance has been good and above market expectations.
Reliance Industries Ltd has informed BSE regarding a Media Release dated January 22, 2009 titled "Revenue and Earnings Growth in Challenging Times; RPL Refinery started on Schedule; KG D6 Oil Production Commenced in September 2008; KG D6 Gas Production Scheduled in This Quarter".
Today's Market View read:-
Reliance results will be out today and many reports talk about $1 bn loss on hedging of crude contracts. Given Reliance's track record, in any ten-year history they have grown by 20%. Acquisitions, stake sales have helped them grow in bad times too. Nobody knows what Reliance can deliver today; can there be some positive surprise? We will know only when results are out.
Reliance: During the quarter ended December 2007, the company had reported a net profit of Rs 8,079 crore, which included Rs 4,733 crore of extraordinary profit on sale of stake in Reliance Petroleum.
Reliance has delivered more than the street expected, the stock is near support of 1080 and as long as it is above that we can easily see 1400 and above levels being tested. Our Turn Date given is 23 Jan 2009 (+/- 1 or 2 days error), with Reliance surprising positively, will we turn up from here?