Shares of Reliance Industries (RIL) dropped 5% at Rs 1,016, falling nearly 7% from intra-day high on the National Stock Exchange (NSE) on profit booking ahead of October-December (Q3FY16) quarter results tomorrow.
The stock hit a high of Rs 1,084 in early morning trade fallen to Rs 1,008 on the NSE in late noon deal. A combined 6.49 million shares changed hands on the counter on the NSE and BSE till 03:26 p.m.
Since January 4, the stock rallied 8% from Rs 995 to Rs 1,074 as compared to 4.6% decline in the S&P BSE Sensex till yesterday.
Analyst at Sharekhan sees strong earnings traction in case of RIL, backed by an improvement in its gross refining margins (GRMs) and the benefit of capex incurred in the petrochemical and refining businesses.
“We expect RIL to earn a premium of around $3 per barrel (bbl) over Singapore GRM taking the Q3FY2016 GRM to $11 per barrel from $10.6 per barrel in Q2FY2016. The capacity addition in the high-margin petrochemical business would further boost the profitability,” the broking firm said in a Q3FY2016 earnings preview.
Meanwhile, Mukesh Ambani's Reliance JIo Infocomm, a subsidiary of RIL and Anil Ambani's Reliance Communication (RCom) signed spectrum trading agreement for 800 MHz licences in nine circles.
The firms also agreed to spectrum sharing in 800 MHz band across 17 circles. As part of the strategic collaboration, they also intend to enter into reciprocal intra-circle roaming (ICR) arrangements, RCom said in a statement. CLICK HERE TO READ FULL STORY.
The stock hit a high of Rs 1,084 in early morning trade fallen to Rs 1,008 on the NSE in late noon deal. A combined 6.49 million shares changed hands on the counter on the NSE and BSE till 03:26 p.m.
Since January 4, the stock rallied 8% from Rs 995 to Rs 1,074 as compared to 4.6% decline in the S&P BSE Sensex till yesterday.
Analyst at Sharekhan sees strong earnings traction in case of RIL, backed by an improvement in its gross refining margins (GRMs) and the benefit of capex incurred in the petrochemical and refining businesses.
“We expect RIL to earn a premium of around $3 per barrel (bbl) over Singapore GRM taking the Q3FY2016 GRM to $11 per barrel from $10.6 per barrel in Q2FY2016. The capacity addition in the high-margin petrochemical business would further boost the profitability,” the broking firm said in a Q3FY2016 earnings preview.
Meanwhile, Mukesh Ambani's Reliance JIo Infocomm, a subsidiary of RIL and Anil Ambani's Reliance Communication (RCom) signed spectrum trading agreement for 800 MHz licences in nine circles.
The firms also agreed to spectrum sharing in 800 MHz band across 17 circles. As part of the strategic collaboration, they also intend to enter into reciprocal intra-circle roaming (ICR) arrangements, RCom said in a statement. CLICK HERE TO READ FULL STORY.