Growth is driven by telecom and retail, which helped offset the impact of weaker oil-to-chemical cycles and softer gas realizations. This was also a trend in the last quarter when retail and JIO were in the past to drive the company’s revenues.
With two refineries with a total capacity of around 1.4 million barrels per day, the Jamnagar complex has historically been a major powerhouse of Reliance’s O2C operations and major profit drivers.
In addition to the results, the company has also announced a dividend of Rs 5.5 and a major funding plan, indicating its continued expansion plan. Despite the challenging global economic environment, Reliance said it maintained operational discipline and continued investing in growth initiatives, astonishing the optimistic tone with its prospects.
How to replace the RIL on Monday?
Prior to the results on Friday, RIL shares closed slightly at Rs 1,301. However, this year, stock prices have performed reasonably, increasing by nearly 7%.
Analysts have consensus that inventory is moving sideways within a narrow range and does not show strong movement in either direction. “On daily charts, we observe sideways movements that do not give a clear direction to trends,” says Mileen Vasudeo, SR technical analyst at Arihant Capital Markets.
Currently, RIL has immediate resistance at 1,341 levels. Those closest to over 1,341 will drive the opposite momentum, and in such a scenario, they could test the 1,410-1,460 levels.
“Movements above Rs 1,320 could rise rapidly to Rs 1,345-1,360 and could be reduced to Rs 1,250 if they fall below Rs 1,280. The RSI will become neutral and do not have a strong tendency.
Meanwhile, Vasudeo advised investors to stop the halt of Rs 1,250 at the 1,410-1,460 levels in a few weeks and buy the stock at the current market level.
In addition to the results, the company has also announced dividends and major funding plans, indicating the continued expansion of the sector in the future.
(Disclaimer: recommendations, suggestions, opinions and opinions given by experts are unique. These do not represent views of the economic era.)
