Reliance Industries gains 5% in three days ahead of Q3 results

Reliance Industries gains 5% in three days ahead of Q3 results RIL has risen 5 per cent in the past three trading sessions, as compared to 1.3 per cent rise in the S&P BSE Sensex.

Market News: Shares of Reliance Industries (RIL) were trading higher for the third straight trading session, gaining 1.2 per cent to Rs 1,148 apiece on the BSE on Thursday in an otherwise range-bound market ahead of its December quarter (Q3FY19) result today.

In the past three trading sessions, RIL has risen 5 per cent, as compared to 1.3 per cent rise in the S&P BSE Sensex.

Since October 17, 2018, after the September quarter (Q2FY19) results, RIL had underperformed the market by falling 4.5 per cent, against 3 per cent rise in the benchmark index till Monday.

Mukesh Ambani-led RIL is expected to take a further hit on its gross refining margins (GRM), which have touched a multi-year low for Q3FY19. Overall profit of the company is expected to see a marginal yearon-year (Y-o-Y) growth with higher petrochemicals earnings. With most digital business announcements now officially made, analysts add there may not be much to look for in the management guidance by RIL. GRM is what a refiner makes for converting one barrel of crude oil into fuel.

“We expect RIL to report GRM of USD 7.5/bbl v/s USD 11.6/bbl in Q3FY18 and USD 9.5/bbl in Q2FY19. This implies a premium of USD 3.2/bbl over SG GRM. Petrochemical segment is expected to do better due to healthy deltas and strong volume growth in...read more

→News Source:BS/Business Standard←