Reliance Industries shares surge over 2% on robust Q2 earnings

Reliance Industries (RIL) shares rose by over 2 per cent in morning trade on Tuesday after the company posted a better-than-expected 1.7 per cent rise in net profit for the July-September quarter.

Shares of RIL surged 2.31 per cent to Rs 980 on the Bombay Stock Exchange (BSE).

On the National Stock Exchange (NSE), the scrip moved up by 2.2 per cent to Rs 979.

Energy conglomerate RIL, on Monday, posted a 1.7 per cent rise in its net profit for the second quarter of FY15, helped by strong growth in refining margins which neutralised slump in oil and gas earnings.

The net profit figure for Q2 at Rs 5,972 crore, or Rs 20.3 per share, was 1.7 per cent higher than Rs 5,873 crore, or Rs 20 a share earning in the same period last fiscal.

RIL, which is the operator of world's biggest oil-refinery complex, earned US $8.3 for turning every barrel of crude oil into fuel in Q2 as compared to US $7.7 a barrel gross refining margin (GRM) a year ago.

The GRM, however, was lower than US $8.7 per barrel in the April-June quarter of the current fiscal.

Its turnover dropped 4.3 per cent to Rs 1,13,396 crore due to lower crude oil prices and volumes mainly in the refining and oil and gas business.