Reliance Industries hits record high ahead of March quarter results

Shares of Reliance Industries (RIL) hit a record high of Rs 1,000 per share, up 2.5% on the market in early morning trade on the BSE, ahead of its January-March quarter (Q4FY18) results today. The stock surpassed its previous high of Rs 990 recorded on January 23, 2018 in intra-day deal.
Textiles to telecom conglomerate, RIL is expected to post its best-ever quarterly consolidated net profit, with the figure expected to be close to Rs 100 billion mark.

The strong quarterly expectations are on the back of its petrochemicals segment performance. In addition, retail and telecom are likely to help the company’s Q4FY18 performance, the Business Standard reported.

Meanwhile, analysts at Edelweiss Securities estimate RIL’s standalone profit after tax (PAT) to rise 2% QoQ to Rs 86.5 billion.

“We expect 5% lower refining EBIT QoQ with GRM of USD11.1/bbl (Q3: USD11.6/bbl). Petchem earnings are likely to improve 11% as new capacities ramp up in addition to robust cracker and polymer margins. We expect continued benefit from US ethane imports and off-gas projects,” the brokerage firm said in result preview.