Reliance Industries, owned by Asia’s richest man Mukesh Ambani, experienced a significant decline in its market valuation on Monday. The drop, exceeding Rs 73,470 crore, followed a 5% decrease in the company’s net profit for the June quarter. This decline was attributed to lower fuel cracks and petrochemical margins, despite growth in the telecom and retail sectors.
Tesla’s earnings report on Tuesday revealed a 9% revenue decline and a $1.4 billion drop in profits. Despite this news, the company’s stock price surged due to the announcement of plans to launch a lower-priced electric vehicle (EV) within the next year. While Tesla’s current models, the Model Y and Model 3, are top sellers, the company aims to expand its reach into a broader market with the introduction of a more affordable EV, potentially called Model 2. However, concerns remain regarding the timeline and feasibility of this low-end vehicle, considering Tesla’s history of delayed projects.
Reliance Industries’ (RIL) Q4FY24 earnings brought mixed results. While revenue grew by 10.8% to ₹2,64,834 crore, profit after tax declined by a marginal 0.4% to ₹21,243 crore. Key highlights include double-digit growth in revenue, profit, and EBITDA for Jio Platforms, driven by subscriber growth and increased data and voice traffic. However, EBITDA margin for Jio Platforms slightly declined. The company witnessed strong contributions from O2C and consumer businesses, while the impact of lower refining margins was offset by higher chemical spreads.
