Reliance Industries were trading lower by 1% at Rs 922 on the National Stock Exchange (NSE) in early morning trade on profit bookings.

The stock has rallied 16.5% from its 52-week low of Rs 796 touched on March 30, 2015, compared with 1.3% rise in the CNX Nifty till yesterday.

MUMBAI: Riding on superior refinery margins, Reliance Industries (RIL) regained its position as India's most profitable firm on Friday. It reported an 8.5% jump in its FY15 fourth quarter net profit to Rs 6,381 crore (over $1 billion) on a consolidated basis, compared to the same period a year ago. TCS had displaced RIL from the numero uno position in Q3 as RIL profits fell for the first time in two years to Rs 5,256 crore.

This effectively means that RIL profits have grown over 21% over the last quarter. This jump came even as its earnings from the petrochemicals business fell while the domestic gas business continued to disappoint.

Shares of index heavyweight Reliance Industries is trading 1.5% higher in early deals as the street expects record profits from the oil major on the back of higher gross refining margins.

Analysts expect the gross refining margin to be in the range of $9.5-10 per barrel against $7.3 per barrel in Oct-Dec 2014 quarter and $9.3 per barrel in Jan-March 2014 quarter. The gross refining margin is earnings from turning every barrel of crude oil into fuel.

Inflation data, quarterly results of bluechips like TCS and RIL are expected to keep markets volatile in a holiday-shortened week ahead, say experts. Stock markets will remain closed on Tuesday for Baba Saheb Ambedkar Jayanti.

Besides, investment trend by foreign investors, movement of rupee against dollar and crude oil prices will also dictate trends on the bourses.

Shares of Reliance Industries (RIL) were trading higher by 1% at Rs 916 on the National Stock Exchange (NSE), extending its past four-day’s gain on the bourses, on media reports that the company has discovered massive gas reserves at MJ-1 block in its KG-D6 basin.

Since April 6, 2015, the stock has rallied nearly 11% from Rs 825, compared with 1.8% rise in the CNX Nifty.

Government on Friday moved the Supreme Court seeking removal of foreign arbitrator appointed by Reliance Industries Ltd (RIL) over its dispute over the Panna, Mukta and Tapti oil and gas fields.

It sought removal of Peter Leaver QC, who was appointed the arbitrator after May 28, 2014, order of the apex court setting aside a Delhi High Court order by which it had agreed to hear the government’s plea against the arbitration proceedings in London.

MUMBAI: Extending the winning run to fourth consecutive session on Thursday, the benchmark BSE Sensex rose by over 190 points to close at a three-week high of 28,707.75 mainly led by gains in RIL, Infosys and Coal India amid sustained foreign capital inflows.

The barometer has garnered 750.26 points in four-day gaining spree.

Reliance Industries’ (RIL) most significant recent gas discovery, MJ-1, in KG-D6 block may hold 1.4 trillion cubic feet (tcf) of gas resources, roughly half of these in the block’s main gas fields.

Located about 2,000 metres below the producing D1-D3 field in the eastern offshore KG-D6 block, MJ-1 might hold contingent resource of between 0.988 tcf (low estimate) and 2 tcf (high estimate) of gas and condensate, according to the firm’s minority partner, Niko Resources of Canada. Niko cited an “independent resources evaluation report for the MJ discovery in the D6 block from Deloitte LLP” to state that the find could hold a best case estimate of 1.4 Tcf of gas and condensate.

Reliance Industries' most significant recent gas discovery MJ-1 in KG-D6 block may hold 1.4 trillion cubic feet of gas resources, roughly half of the reserves in the block's main gas fields.

Located about 2,000 meters below the producing D1-D3 field in the eastern offshore KG-D6 block, MJ-1 may hold contingent resource of between 0.988 Tcf of gas and condensate (low estimate) and 2 Tcf (high estimate), according to the firm's minority partner Niko Resources of Canada.

Upgrade Reliance Industries (RIL) to ‘overweight’ with a price target of R1,062 per share. RIL’s profits stagnated for the last five years, leading to under performance of 80%. FII ownership and valuations are at multi year lows. With 70% of $40 billion capex for F14-18e now behind, profits are finally set for a three-year CAGR of >15%.

Valuations are now compelling and FII under-ownership is at a five-year high. With higher confidence in F17e earnings, P/E is 9x and P/B is 1.x – near 10 year trough. Even relative P/B of 0.4x versus the Sensex is at a ten-year low.

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