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Q3 Results Highlights: Reliance Industries profit at record Rs 18549 crore, beats Street estimates; Jio profit at Rs 3615 crore – CNBCTV18

Reliance Industries Q3 numbers absolutely stellar on all counts: Prakash Diwan 

Market expert Prakash Diwan said the conglomerate’s quarterly numbers are “absolutely stellar on all counts”.

“Just look at each of these verticals. Everywhere, for the last few quarters, and you add a little bit of lag, whether it was the oil and gas area, where there was an issue in terms of things not kind of finally falling in place… You had the Future Retail issue; the tiff with Amazon took a toll, and things had to be pushed. Jio had its own share of problems; the launch was delayed, and ARPUs not kind of inching up. But everything seems to be falling in place,” he said. 

Diwan believes the stock has been holding its ground in the market “even where in 4-5 days, you have seen this whole sell-off from the FIIs… Largecap erosion has still not impacted this stock. Anecdotally, Reliance doesn’t move very significantly after results. It kind of pauses, consolidates a bit, and then kind of takes off, and these numbers are absolutely out of the park. We are just waiting to hear some commentary on the new energy business. If that is also something positive, I don’t think you could ask for anything better,” he added.