Bringing cheer to the markets ahead of Diwali, the country's largest listed company and its biggest automobile manufacturer both posted positive results.
Reliance Industries showed a net profit of Rs 4,923 crore (highest quarterly profit since 2007) in the quarter ended September 2010 as against Rs 3,852 crore in same quarter previous year, up by 28%, driven by higher gas output from its field off country's east coast and improved refining margins.
Mukesh Ambani said in a press release: "Improved refining margins and high operating rates at all our manufacturing facilities led to a record quarter. We are focused on identifying opportunities that leverage India's unique demographic and market potential."
Maruti Suzuki India Ltd reported a more modest 5% increase in net profit at Rs 598.2 crore for the same period, but it's being seen as a return to form for the carmaker after reporting a surprise 12% decline in profit in the June quarter.
The firm's total income went up at a higher clip of 27% at Rs 9,142.7 crore backed by a superlative 33% growth in sales of its cars, vans and SUVs. Maruti sold 2.78 lakh vehicles during the quarter. All its vehicles except M800 come with a waiting period.