Reliance Industries Ltd. shares surged the most in nine months after beating analyst estimates, driven by strong oil-to-chemicals performance. The stock jumped as much as 6.6% to 1,241.95 rupees in early Mumbai trading, its biggest intraday gain since Feb. 3. Net income rose over 40% to 255.5 billion rupees ($2.7 billion) in the September quarter, surpassing the Bloomberg‑average estimate of 213.67 billion rupees. The rally was fueled by historic diesel refining margins amid global supply tightness and geopolitical disruptions, especially the Middle‑East war. Jio Platforms Ltd., newly listed and 64.5% owned by Reliance, saw a 14% profit jump on higher‑paying users, while its retail segment lagged with only 1.3% revenue growth. Jio’s quarterly profit climbed 14% to 83.9 billion rupees, with revenue up 11% to 404.8 billion rupees.
The company’s better‑than‑expected results reflect improved capture of refining and petrochemical spreads, according to Citigroup analyst Saurabh Handa. While retail remained a drag, Jio continued as the primary growth engine for India’s largest company by market value.
Reliance’s performance underscores how geopolitical tensions are reshaping energy markets, boosting refining margins and reinforcing the importance of integrated petro‑chemical operations in India’s corporate strategy.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing