Update at around 2.50 pm: The BSE Sensex was up 262 points at 29,627, led by GAIL (India), Axis Bank, Larsen & Toubro and HDFC Bank.
Original story:
Shares of Reliance Industries Ltd. (RIL) were trading with minor gains on Monday ahead of Q4 results. At around 1.10 pm, the RIL stock was up 1.19 percent at Rs 1,416 even as the BSE Sensex was trading 0.75 percent higher at 29,586.
A Sensex heavyweight, the Mukhesh Ambani-controlled company's gross refining margin (GRM) and management commentary on Reliance Jio will be in focus.
"We expect profitability of the company for the current quarter on a consolidated basis to be flat both on sequential as well as on a yearly basis but the commentary on Jio and energy project execution will be the key," the Moneycontrol.com quoted Rohit Singre, Senior Research Analyst (Equity – Technical) at Bonanza Portfolio Ltd., as saying.
The information on Reliance Jio would also share prices of rivals Bharti Airtel and Idea Cellular, the two listed telecom service providers.
RIL was in the news last month when capital markets regulator Sebi barred it from accessing equity derivatives market for a year and directed the company to pay nearly Rs 1,000 crore for alleged fraudulent trading in a 10-year-old case.
The ban, in effect from Friday, relates to alleged fraudulent trading in the Futures and Options (F&O), or derivatives, space in the securities of RIL's former listed subsidiary Reliance Petroleum (RPL) — now merged with the listed parent firm, as reported by news agency IANS.
Shares of Bharti Airtel were down 0.54 percent to Rs 341 apiece. Top Sensex gainers at around 1.25 pm on Monday were Axis Bank, Larsen & Toubro, GAIL (India) and HDFC Bank.
