Reliance Industries hits fresh record high ahead of Q2 results
Shares of oil-to-telecom behemoth Reliance IndustriesBSE
0.83 % hit fresh record high of Rs 891 in early trade on Friday ahead of
financial results for the quarter ended September 2017 later in the day.
The scrip was up 1.23 per cent at Rs 883.75 around 9.30 am
(IST). Shares of the company opened at Rs 880 and touched a high and low of Rs
891 and Rs 876.25, respectively, in trade so far. Benchmark BSE Sensex was up
162 points, or 0.50 per cent, up at 32,344 at around the same time.
On a standalone basis, mainly oil refining and
petrochemicals Reliance may post a 12 per cent rise in profit for the three
months ended September following rising volumes and higher profitability in its
refining business.
The company's standalone earnings are estimated at Rs 8,687
crore, rising from a year earlier or the 11th quarter in a row.
RILBSE 0.83 %, which owns the world’s largest refinery
complex, is likely to get a boost after the gross refining margin (GRM) in
Singapore, a regional indicator of earnings from processing every barrel of
crude oil into fuels, increased by $1.8 per barrel sequentially to $8.5 per
barrel in Q2 of FY18.
RIL shares have surged 15.5 per cent in the past three
months compared with a 1.2 per cent increase in the benchmark Sensex in the
same period.
The key focus for investors and analysts will be Jio's
financials, if only to get a sense of the viability of the telecom business and
RIL’s treatment of non-operating expenses such as depreciation and interest.
The focus will also be on details of Jio’s paying subscribers and average
revenue per user.
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