The expansion was pushed by telecom and retail companies, which helped offset the affect of a weaker oil-to-chemicals cycle and softer gasoline realizations. This was the pattern even within the earlier quarter, the place retail and Jio have powered the corporate’s earnings over the previous.
The Jamnagar complicated, which homes two refineries with a mixed capability of about 1.4 million barrels per day, has traditionally been the powerhouse of Reliance’s O2C operations and a key revenue driver.
Together with the outcomes, the corporate additionally introduced a Rs 5.5 dividend and a serious fundraising plan, indicating continued enlargement plans. Regardless of a difficult international financial surroundings, Reliance mentioned it maintained operational self-discipline and continued investing in progress initiatives, with the administration placing an optimistic tone on the outlook.
The best way to commerce RIL on Monday?
Forward of the outcomes on Friday, RIL shares closed marginally down at Rs 1,301. Nevertheless, the inventory has carried out fairly nicely this yr, rising almost 7%.
Analysts are in consensus that the inventory is transferring sideways inside a slender vary and isn’t displaying robust motion in both path. “On the every day chart, we’re observing a sideways motion which supplies no clear path of pattern,” mentioned Mileen Vasudeo, Sr Technical Analyst, Arihant Capital Markets.
At current, RIL has fast resistance at 1,341 stage. Any shut above 1,341 would propel the upside momentum and in such a situation, it’s prone to take a look at 1,410-1,460 ranges.
“A transfer above Rs 1,320 may result in a fast rise in the direction of Rs 1,345–1,360, whereas falling under Rs 1,280 could drag it right down to Rs 1,250. RSI is impartial, displaying no robust pattern. Till a transparent transfer occurs, merchants can comply with range-bound methods,” mentioned Riyank Arora, technical analyst at Mehta equities.
In the meantime, Vasudeo suggested buyers to purchase the inventory at present market ranges with a cease lack of Rs 1,250 for a goal Rs 1,410 – 1,460 ranges in a few weeks.
Together with the outcomes, the corporate has additionally introduced a dividend and a serious fundraising plan, indicating continued enlargement in its future sectors.
(Disclaimer: Suggestions, options, views and opinions given by the specialists are their very own. These don’t signify the views of the Financial Instances)
