Reliance Industries’ shares rose over 1 per cent on Monday after the company reported its highest quarterly net profit in more than seven years for the quarter ended March.
The stock opened the day on a positive note and further gained 1.19 per cent at Rs 937.95 on the BSE.
At the NSE, it went up by 1.14 per cent to Rs 937.45.
Later, the stock erased all its early gains on emergence of profit-booking in an overall weak broader market and was trading at Rs 911.35, down 1.67 per cent, on the BSE.
Reliance Industries had on Friday reported its highest quarterly net profit in more than seven years for the quarter ended March 31 (2014-15) as record refining margins helped offset dip in petrochemical and oil and gas businesses.
Consolidated net profit in the January-March quarter at Rs 6,381 crore, or Rs 21.7 a share, was 8.5 per cent higher than Rs 5,881 crore, or Rs 20 per share, profit a year ago.
Standalone net profit was up 10.8 per cent at Rs 6,243 crore.
This is the highest quarterly net profit for RIL, since it clocked Rs 8,079 crore net profit in the third quarter of 2007-08.
Meanwhile, the broader BSE Sensex was trading lower by 210.90 points at 28,231.20 in afternoon session.