Reliance Industries share price (Reliance share price) rose nearly 3 per cent on Thursday, ahead of the release of earnings by the conglomerate. On the Bombay Stock Exchange (BSE), the RIL shares rose as much as 2.87 per cent to hit an intraday high of Rs 1,383.95. The Reliance Industries share price rose 3.07 per cent to Rs 1,385.00 at the strongest point in the day on the National Stock Exchange (NSE). Reliance Industries, led by billionaire Mukesh Ambani, is due to report its earnings for the quarter and financial year ended March 31 post-market hours.
Trading volume in Reliance Industries shares was lower than the average number of shares traded daily in the past two weeks. At 11:36 am, as many as 4.02 lakh Reliance Industries shares had changed hands on the BSE compared with a two-week average of 5.67 lakh, exchange data showed.
Analysts tracking Reliance Industries' petrochemical business will closely watch out for gross refining margins (GRMs) of the company. GRMs - calculated in dollar terms - indicate how much the company earns by refining a barrel of crude oil.
Reliance Jio, the telecom arm of Reliance Industries, will also report its financial results later in the day. Analysts will keenly watch out for the subscriber additions during the January-March quarter and average revenue per user (ARPU), a matrix which indicates average revenue the company earns from its individual subscriber.
Meanwhile, Reliance Industries informed exchanges on Wednesday that Mitsui O.S.K. Lines Ltd. would acquire a strategic stake in six group companies each owning a very large ethane carrier of Reliance Industries.
Reliance Ethane Holding Pte. Ltd, a wholly-owned subsidiary of Reliance Industries, Mitsui O.S.K Lines Ltd. (MOL) of Japan and a strategic minority investor have signed binding definitive agreements for a strategic investment by MOL and minority investor in the six special purpose limited liability companies (SPVs), each owning a VLEC (very large ethane carrier), Reliance Industries said in an exchange notification.
Commenting on the development, PMS Prasad, executive director, RIL, said: "Given MOL is currently the operator of all the six VLECs, investment by MOL will deepen our relationship with them and ensure continued safe and efficient operations of the VLECs. We welcome MOL as a strategic partner into the SPVs as they move beyond the current operator role to joint owner and operator role in the SPVs."
At 11:50 am, Reliance Industries shares traded 2.22 per cent higher at Rs 1,375.20, outperforming the S&P BSE Sensex which was down 0.22 per cent.
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