Today was a good day for businesses as a whole as many new records were broken. Last night, the NYSE (New York Stock Exchange), the largest stock exchange in the United States touched a new all-time high and held up a bull run that has been on-going for a whopping eight successive years, the longest run of its kind in the US history. Following this cue, two Asian giants have also made some significant achievements earlier today.
Reliance Industries Market Cap Crosses Rs. 8 lakh Crore:
#CNBCTV18Market | Reliance Industries has added market cap of more than Rs 2 Lakh cr in 2018; total market cap now above Rs 8 lakh cr pic.twitter.com/sFicdSajiw
— CNBC-TV18 (@CNBCTV18Live) August 23, 2018
The Indian Multinational Conglomerate has successfully crossed a market cap of Rs. 8 trillion (or 8 lakh crores). It becomes the first company to cross this figure and this makes it one of the largest companies in Asia by market cap. The company’s share price closed 1.31% higher in today’s trading session at a price of Rs. 1,262.50 and put the company’s market cap at Rs. 8.01 trillion. The news comes a matter of great pride for India as it produces the first company to cross the 8 trillion market cap in its history.
The company has been gaining a lot of traction in the past few trading sessions as it has been posting a reasonable 1.5% to 2% gains in the last three trading session. With this, Jio has finally beaten the resistance set at Rs. 1,200 levels and hit Rs. 1,262.5 earlier today. The popularity of the stock has been largely owing to the potential for growth that it has. Although the over profitability remains a question, the growth potential that the company has shown is essential to its growth, especially ever since the TRAI’s announcement that Jio leads the telecom industry in the total number of subscribers added this year.
Xiaomi has achieved a Net profit of $ 2.1 Billion in this quarter:
We just released our Q2 and 1H 2018 results today: Q2 revenue soared 68.3%, and net profit reached RMB 14.63B. #ThanksMiFans! We will continue to pursue our mission of making amazing products that everyone can enjoy. There really is #NoMiWithoutYou pic.twitter.com/JlWpwvtZWe
— Mi (@xiaomi) August 23, 2018
Apart from this, Chinese smartphone giant, Xiaomi has announced its second-quarter results. The numbers were nothing short of a stellar performance from the company. It has generated a whopping increase of 63% in revenue compared to the last quarter and a Net profit of RMB 14.63 billion (equivalent to $2.1 billion).
This is again a significant jump from the RMB 11.97 billion net loss that the company announced in the same time year. The revenue closed at RMB 45.24 billion which is a 68% increase from the revenue of RMB 26.88 billion generated in the same quarter last year.
These numbers are sure to impress investors in the company, especially coming shortly after its much-awaited IPO that just recently concluded. The company also announced that overseas revenue grew a whopping 152% compared to the same time last year to a total of RMB 16.4 billion (approximately Rs. 16,693 crores). The company also attributed a large part of this growth to its position in the Indian Market, where it is seen as the leading smartphone brand.
A statement from the company read “According to (research agency) Canalys, our smartphones continued to experience rapid growth in the Indian market and ranked first in terms of market share by shipments in the second quarter of 2018”. It also confirmed that its offline sales in India grew by 20% in this year alone and was the top brand in eight Indian cities during the second quarter according to GFK.
JioHealthHub Partners With iCliniq: What Does This Mean For the Jio 4G Users
The post Reliance Industries (RIL) Touches Rs.8 Lakh Crore in Market Cap; Xiaomi Posts $2.1 Billion Net Profit in Q1 appeared first on MySmartPrice.
from MySmartPrice https://ift.tt/2PyrTOH
No comments:
Post a Comment