Reliance Industries hits record high ahead of Q2 results

The stock hit a record high of Rs 875, up 4% on the BSE, surpassed its previous high of Rs 872 touched on September 20, 2017 in intra-day trade

Reliance Industries (RIL) hit a record high of Rs 875, up 4% on the BSE ahead of its July-September quarter (Q2FY18) results on Friday. The stock surpassed its previous high of Rs 872 touched on September 20, 2017 in intra-day trade.

RIL is likely to report a healthy growth in profit after tax (PAT) on a standalone basis for 11th quarter in a row thanks to record growth in refining and petrochemical businesses, its telecom unit Reliance Jio could impact consolidated results, analysts say.

Earlier in the June quarter, the company’s consolidated net profit rose 28% (12.7% QoQ) to Rs 9,108 crore. Gross refining margin for the quarter grew by 3.5% to 9-year high of $11.9 a barrel against $11.50 a barrel on a sequential basis. CLICK HERE TO READ FULL REPORT.

Thus far in the calendar year 2017, the stock has outperformed the market by surging 62% from Rs 540 (adjusted to 1:1 bonus share), as compared to 21% rise in the S&P BSE Sensex.