Reliance Industries hits 52-week high on NSE ahead of Q1 results

Since March, the stock has outperformed the market by gaining 27% compared to a 1% rise in the CNX Nifty.

Shares of Reliance Industries have moved higher by nearly 4% at Rs 1,045, also their 52-week highs on the National Stock Exchange (NSE), ahead of the April-June 2015 (Q1) results scheduled on Friday, July 24, 2015.

On the Bombay Stock Exchange (BSE), the stock hit a high of Rs 1,044, less than 1% away from its 52-week high of Rs 1,050 touched on September 9, 2014.

Analysts expect Reliance’s gross refining margins (GRM) to come at $9.5 in the June quarter, while petchem margins could compensate and provide the kicker. The blended per metric tonne petchem margin is estimated at $343, compared with $285 and $287 in the March’15 and June’14 quarters respectively. This could lead to a strong performance by Reliance. CLICK HERE TO READ FULL REPORT.

Meanwhile, foreign institutional investors (FIIs) have bought 9.17 million equity shares of Reliance Industries in April-June quarter, after trimming their stake in the company in the past three quarters.

The FII holding in Reliance Industries increased to 19.09% in the June quarter from 18.81% stake at the end of March quarter.

The stock has outperformed the market since March, gaining 27% from Rs 826 compared to a 1% rise in the CNX Nifty.