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RIL Posts Record Q4 Profits et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Apr 28, 2018 8:53 AM 1 min read

End of Day Wrap-up (Saturday / April 28, 2018) #RIL #India #China #Afghanistan #Fintech #Fortis #Sprint #healthcare #Transfin

Editor's comment: Reliance Industries (RIL) posts record Q4 profits of INR9,435cr, up 17% yoy. Annual profits at INR36,750cr, up 21% yoy. Jio posts profits in-line with analyst expectations. Weakness in refining business with gross refining margins down from $11.5 to $11.0 per barrel compensated by solid growth in petrochemicals and retail. 


Ministry of Corporate Affairs starts investigating filings of Nupower renewables, owned by ICICI Chief's husband Deepak Kochhar, in light of conflict of interest charges against ICICI Bank with respect to Videocon Group and the Ruias.  


India and China likely to undertake a joint economic project in Afghanistan.


Fitch retains India's sovereign rating at the lowest investment grade level of BBB- (stable outlook), pointing to weakness in fiscal consolidation and "difficult but improving" business environment. Fitch view in-line with S&P who have also not upgrade India following Moody's upgrade in November last year. 


Fortis extends deadline to submit binding offers to May 1, 2018 in light of renewed interest in the healthcare group post offers from IHH Healthcare, TPG-Manipal etc.  


Sprint and T-Mobile close to an agreement to merge, in its third round of negotiations to-date. Resulting entity to have 127m subscribers and 29.3% market share, bringing it in third position after Verizon (33.8%) and AT&T (30.9%).