India's Reliance set for best week since April 2020 after Q2 earnings beat, Jio listing

Jio Platforms

Yesterday 06:30

** India's Reliance Industries RELI.NS jumps 12.5% for the week, set for biggest weekly percentage gain since April 2020
** Oil-to-telecom conglomerate's shares surged 11.6% on Monday, their biggest one-day gain in more than six years, after stronger-than-expected Q2 results
** Stock up 0.17% on Friday
** Co reported a 40.6% y/y jump in Q2 consolidated profit, above analyst estimates, helped by stronger refining and petrochemical margins
** Gains also follow the listing of telecom unit Jio Platforms JIOP.NS on October 28, unlocking a separately traded business within the Reliance group
** Jefferies says record crude processing and higher-value fuel exports supported Reliance's oil-to-chemicals business, prompting brokerage to raise earnings forecasts
** Citi says strong results could support shares in near term, but sustained outperformance would require recovery in retail profitability and greater clarity on new energy investments
** YTD, RELI down 16.42%

 (Reporting by Surbhi Misra in Bengaluru)
 ((Surbhi.Misra@thomsonreuters.com |  X: https://twitter.com/SurbhiMisra_  |;))