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Crude oil futures experience brief downturn
Crude futures briefly dipped after US military strikes on Iran, but gains have since been pared back slightly.
Reliance Posts Record Q2 Profit of ₹29,550 Crore, Up 34%
Reliance Industries reported its highest-ever quarterly profit of ₹29,550 crore, up 33.8% year-on-year, driven by strong performances across its energy and telecom businesses. This growth comes amid increased crude exports and robust Jio operations, contributing to a 27.8% revenue increase to ₹3.62 lakh crore. The company plans to diversify crude sourcing to mitigate Middle East supply disruptions.
Vedanta Power Swings to ₹83 Crore Q2 Profit on Record Sales
Vedanta Power reported a Q2 profit of ₹83 crore, reversing from a loss, as revenue rose 38% year-on-year to record levels. EBITDA jumped 45%, driven by strong sales performance, according to the company's results. The turnaround marks a significant improvement in the company's financial health.
Europe diesel shortage may lift Reliance O2C earnings 38% in Q2
Reliance Industries could generate nearly ₹5,700 crore in additional EBITDA from its O2C business in the September quarter as Europe’s diesel shortage lifts refining margins. Jamnagar’s export-duty advantage and higher crude-processing volumes are expected to help the segment contribute nearly three-fourths of the conglomerate’s incremental operating earnings.
Reliance emerges top buyer of Venezuelan crude outside US
Indian billionaire Mukesh Ambani's Reliance Industries, which is investing in a historic U.S. oil refinery project proposed by President Donald Trump, has now emerged as the biggest buyer of Venezuelan crude outside the U.S. Trump has been pushing India to buy more Venezuelan oil, but while state-owned oil companies are making opportunistic purchases, Reliance has been the primary buyer, according to Kpler data shared with CNBC.
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