 "Reliance Industries trades firm ahead of Q2 results")
Shares of Reliance Industries (RIL) were trading higher by 1% at Rs 914 on the National Stock Exchange (NSE) in noon deal trade ahead of its September quarter (Q2FY16) results scheduled for the day.
Since announcements of June quarter (Q1FY16) results on July 24, 2015, the stock has underperforming the market by falling 12% compared to 5% decline in the CNX Nifty.
Analysts on an average has expected RIL to report a consolidated net profit of Rs 5,776 crore on revenues of Rs 61,442 crore for the quarter.
RIL is expected to post a 4 to 5% drop in consolidated net profit for the September quarter from the 1% in June, on the back of lower gross refining margins (GRMs). CLICK HERE TO READ FULL REPORT.
“We expect RIL to report GRM of USD 8.9 a barrel against USD 8.3/bbl in Q2FY15 and USD 10.4/bbl in Q1FY16,” Motilal Oswal Securities said in results preview.
“RIL’s refining segment profit is likely to decline quarter-on-quarter (higher on YoY basis, though) due to lower gasoline cracks, while petchem profitability would be flat, led by flat overall polymer margins,” added report.
At 01:31 pm, the stock was up 1% at Rs 912 compared to 0.25% decline in CNX Nifty. A combined 2.28 million shares changed hands on the counter on the NSE and BSE.
Since announcements of June quarter (Q1FY16) results on July 24, 2015, the stock has underperforming the market by falling 12% compared to 5% decline in the CNX Nifty.
Analysts on an average has expected RIL to report a consolidated net profit of Rs 5,776 crore on revenues of Rs 61,442 crore for the quarter.
RIL is expected to post a 4 to 5% drop in consolidated net profit for the September quarter from the 1% in June, on the back of lower gross refining margins (GRMs). CLICK HERE TO READ FULL REPORT.
“We expect RIL to report GRM of USD 8.9 a barrel against USD 8.3/bbl in Q2FY15 and USD 10.4/bbl in Q1FY16,” Motilal Oswal Securities said in results preview.
“RIL’s refining segment profit is likely to decline quarter-on-quarter (higher on YoY basis, though) due to lower gasoline cracks, while petchem profitability would be flat, led by flat overall polymer margins,” added report.
At 01:31 pm, the stock was up 1% at Rs 912 compared to 0.25% decline in CNX Nifty. A combined 2.28 million shares changed hands on the counter on the NSE and BSE.