Morningstar

Reliance Industries Shares Jump After Strong Quarterly Earnings

Provided by Dow Jones

By Megan Cheah 




  Shares of Reliance Industries advanced after its second-quarter net profit beat analysts' estimates. 



  The company's Mumbai-listed stock rose as much as 7.1% to 1,246.45 rupees on Monday. It has since pared gains to trade 6.4% higher, but remains on track for its largest one-day percentage gain since January 2024, LSEG data showed. 



  The conglomerate, owned by billionaire Mukesh Ambani, said Friday that profit for the three months ended September climbed 41% from a year ago to 255.48 billion rupees, equivalent to $2.69 billion. That beat the estimate of 213.48 billion rupees in a poll of analysts by data provider LSEG. 



  Citi analysts cheered the results, expecting the stock's rise thanks to the strong earnings print. 



  They raised their forecasts for Reliance's fiscal 2027 to 2028 earnings before interest, taxes, depreciation and amortization by 4% to 7%, supported by a stronger oil-to-chemical business. 



  However, they flagged that continued weakness in the retail segment could limit further gains in Reliance's shares. Citi trimmed its target price for the company to 1,490 rupees from 1,690 rupees. 





  Write to Megan Cheah at megan.cheah@wsj.com 





  (END) Dow Jones Newswires



  November 02, 2026 00:18 ET (05:18 GMT)


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