Reliance Industries Ltd (RIL) could continue to benefit from favourable global refining conditions in the October-December quarter (Q3 FY27), although higher shipping costs may weigh on margins following the company's record September-quarter earnings.
Reliance Industries shares surged as much as 8.1 percent to Rs 1,259 on Monday, November 2, their biggest intraday gain in at least three years, taking the company's market capitalisation above Rs 17 lakh crore.
Dharmesh Kant of Chola Securities, speaking to CNBC-TV18, said Reliance had reported a strong set of numbers in Q2, with global trade developments benefiting its oil-to-chemicals (O2C) business. He expects these conditions to continue playing out in the third quarter and recommended buying Reliance shares on every dip.
Kant’s assessment on refining follows Reliance's strongest-ever quarterly performance in its O2C business, which benefited from exceptionally strong refining margins amid tight global product supplies.
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