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Reliance Industries Ltd. shares recorded their biggest jump since June after India’s refining-to-retail conglomerate reported better-than-expected fourth-quarter earnings.
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The stock rallied as much as 5.7% to 1,374.9 rupees, following the results announced after markets closed on Friday that showed net income ahead of analyst estimates. Options volume was four times the 20-day moving average, with out-of-the-money May 1,400-rupee calls changing hands the most.
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The robust performance by India’s most-valued company may help boost sentiment for the broader equity market recovering from a recent selloff. It’s also a win for sell-side analysts, who were the most bullish on the billionaire Mukesh Ambani’s company since 2008 ahead of the results.
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The commissioning of Reliance’s first solar panel manufacturing line also boosted investor sentiment. The “transition to a new energy company is starting to bear fruit” and it is back on an earnings growth path, Morgan Stanley analysts wrote in a note. “We expect a re-rating to follow this growth.”
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Read: Ambani’s Reliance Posts Profit Beat as Energy Unit Recovers
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Reliance reported 194.1 billion rupees ($2.3 billion) in net income for the three months ended March, versus estimates of 184.71 billion rupees. Revenue from its oil-to-chemicals segment and the retail arm climbed about 15% each for the quarter versus the year-ago period.
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—With assistance from Savio Shetty.
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(Updates with Morgan Stanley’s comment in fourth paragraph.)
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