Reliance Industries share was trading flat in early trade today ahead of the Mukesh Ambani-led conglomerate's Q2 earnings today. RIL share gained 0.57% to Rs 2038 against previous close of Rs 2026 on BSE. Total 1.06 lakh shares changed hands on BSE amounting to turnover of Rs 21.64 crore. Market cap of Reliance Industries stood at Rs 13.80 lakh crore.
The stock trades 135% higher than its 52-week low of Rs 867.82 hit on March 23, 2020.
The stock has gained 1.48% in last 2 days.
RIL stock price has lost 3.53% in one week and fallen 8.76% in one month. The stock has gained 34.6% since the beginning of this year and risen 37.83% during last one year. RIL stock trades higher than 100 day and 200 day moving averages but lower than 5 day, 20 day and 50 day moving averages.
"Reliance Jio and Reliance Retail should drive next leg of growth," said brokerage Motilal Oswal which sees 29 percent sequential growth in revenue and 8.2 percent QoQ rise in EBITDA (earnings before interest, tax, depreciation and amortisation) in quarter ended September 2020.
"We expect higher EBITDA from (1) Jio led by a rise in subscriber base to 410 million (up 12 million QoQ) and ARPU to Rs 144 and (2) retail (up by Rs 540 crore QoQ) led by sequential recovery in revenues," said Kotak Insitutional Equities.
In the first quarter of current fiscal, Reliance Industries reported a 31 per cent year-on-year rise in net profit backed by a one-time gain from the sale of stake in its petro retail business to BP and higher profits in Jio, which helped offset the impact of COVID-19 in most other segments.
In the quarter ended June 30, RIL's net profit stood at Rs 13,248 crore, compared with Rs 10,141 crore in the year ago quarter.