RIL gains on diversification plans

Posted By: Religare
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RIL gains on diversification plans
On Thursday morning, stocks of Reliance Industries showed an upward movement after reports came in that the company is planning to diversify.

Reports stated that the corporate giant plans to venture in the chemicals business in hygiene and healthcare products segments, and would be looking at dishing out approximately $12 billion for the same. In addition the company is thinking about tapping healthcare products rubber business markets.

While speaking to the media, the corporation"s Chairman, Mukesh Ambani stated that the hygiene sector has huge market potential in an economy like India. In addition regarding the rubber sector, Ambani said that looking at the growing automobile

sector. In the coming decade the demand for rubber would invariably surge, and hence the company is establishing a whole new rubber business and aims to become a prime rubber player globally.

The company recently announced its Q4 results and reported a 14 per cent growth in its net profit for the quarter at Rs. 5,376 crore as against Rs. 4,710 crore for the year ago period. Also, for the quarter it posted a 25 per cent growth in its turnover over the corresponding quarter of last year.

Read more about: ril, bse, nse, oil and gas
Story first published: Friday, May 6, 2011, 9:30 [IST]
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