Reliance Industries (RIL) has moved higher by 3% to Rs 888, extending its previous day’s 2% gain, ahead of its earnings for the third quarter ended December 2012 (Q3) which will be announced tomorrow (January 18, 2013).
The stock opened at Rs 862 and hit a 52-week high of Rs 894 on the National Stock Exchange. As many as a combined 5.43 million shares have already changed hands on the counter so far against an average 3.36 million shares that were traded daily in past two weeks.
Analysts on an average expects 12% year-on-year (yoy) jump in net profit to Rs 4,977 crore. Revenue may grow 8% to Rs 91,835 crore, yoy.
Analyst at Motilal Oswal Research expects RIL to report 3QFY13 GRM (gross refining margins) at $8.5/bbl v/s $9.5/bbl in 2QFY13 as Singapore GRMs plunged 29% QoQ due to weak fuel oil cracks. However, petchem profits are unlikely to increase due to subdued product spreads.