Reliance Industries Climbed Over 2 Per Cent on Monday
On Monday, the shares of Reliance Industries climbed over 2 per cent as the oil-to-telecom major reported it’s highest-ever profit for the June quarter.
On the BSE, the stock rose 2.47 per cent to hit a high of Rs 1,157.55 today’s morning. Also was observed that the foreign brokerages have largely maintained buy rating on the stock with a target of Rs 1,220-1,400.
Today, Goldman Sachs has the highest target of Rs 1,400 on the scrip while Nomura India’s Rs 1,220 is the lowest among major foreign brokerages.
On Friday, Reliance Industries Limited had posted 3.85 per cent rise in profit at Rs 9,459 crore for the quarter ended June. This figure was Rs 9,108 crore in the corresponding quarter last year. Thus, it is expected that the company will have the profit of Rs 9,554 crore.
In the first quarter of last year, the gross refining margins stood at $11.90 per barrel, while this year it was $10.5 per barrel as against. The figure was at $11 per barrel in the sequential quarter ended March.
Analysts expect that the company’s refining and petrochemical businesses to continue to report strong margins supported by the recently commissioned downstream projects. It expects that market share gain for telecom business would strengthen earnings of the digital services business.