The company's September quarter performance showed consolidated net profit jumping 41% to Rs 25,548 crore alongside a 29% rise in revenue. The oil-to-chemicals division led the surge with earnings before interest, taxes, depreciation, and amortisation leaping 68% to a historic Rs 25,203 crore. This downstream strength counterbalanced a weaker retail segment impacted by quick-commerce competition and calendar timing. Market analysts observe the stock pushing past key resistance levels on heavy volume, supported by positive winter refining margin expectations.
Key points
Technical indicators show the stock reclaiming both its 20-day and 50-day exponential mov…: Technical indicators show the stock reclaiming both its 20-day and 50-day exponential moving averages amid robust trading volumes.
Immediate chart resistance lies between Rs 1,255 and Rs 1,263, with key downside support…: Immediate chart resistance lies between Rs 1,255 and Rs 1,263, with key downside support established at Rs 1,200 and Rs 1,150.
Major brokerages remain positive on refining profitability, with Jefferies setting a targ…: Major brokerages remain positive on refining profitability, with Jefferies setting a target of Rs 1,710 and Nomura targeting Rs 1,560.
Sources checked by our analysis pipeline: 1
The sharp rally added a staggering Rs 1 lakh crore to the company’s market capitalisation, taking its total market value to Rs 17 lakh crore. Reliance reported a 41% year-on-year (YoY) rise in consolidated net profit attributable to shareholders to Rs 25,548 crore in the September quarter, compared with Rs 18,165 crore in the year-ago period. The growth was driven by strong contributions from its oil-to-chemicals and digital-services businesses.
Revenue from operations increased 29% YoY to Rs 3.32 lakh crore from Rs 2.58 lakh crore in the corresponding quarter last year. The oil-to-chemicals (O2C) segment was the biggest contributor to earnings growth, with EBITDA surging 68% YoY to a record Rs 25,203 crore from Rs 15,008 crore.
Here’s what charts are showing
“Reliance Industries is showing a strong recovery with a sharp bullish candle backed by significant volume, indicating fresh buying interest. The stock is attempting to break above its descending channel resistance near Rs 1,255 and has moved above the 20 and 50 EMAs,” Virat Jagad, Senior Technical Research Analyst at Bonanza told ETMarkets. He added that RSI has…
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