)
Shares of index heavyweight Reliance Industries is trading 1.5% higher in early deals as the street expects record profits from the oil major on the back of higher gross refining margins.
Analysts expect the gross refining margin to be in the range of $9.5-10 per barrel against $7.3 per barrel in Oct-Dec 2014 quarter and $9.3 per barrel in Jan-March 2014 quarter. The gross refining margin is earnings from turning every barrel of crude oil into fuel.
Crack spreads, the difference between refined products and crude oil, indicate the quantum of profits a refinery can make after converting crude oil into transport fuels ch as petrol and diesel.
The stock opened at Rs 935 and touched a high of Rs 944. At 9:30AM, over 440,000 shares were traded on both the stock exchanges.
