Reliance shares post best day since 2020 on record quarter, lifting Sensex by about 900 points

Shares of Reliance Industries jumped as much as 8% on Monday, their best single-day gain since 2020, after the company reported record quarterly revenue, lifting the Sensex by more than 900 points in morning trade. At 12 noon the Sensex was up 863 points, or 1.16%, at 75,322.92, and the Nifty 50 was up 253 points, or 1.1%, at 23,305.85, according to Business Standard's market blog. The figures are intraday; markets close at 3.30 pm.

Falling oil prices also helped. Brent crude was down about 1.8% at around $111.4 a barrel, Business Today reported, on reports that US President Donald Trump prefers diplomacy to new strikes on Iran. Foreign investors bought shares worth a net Rs 3,598.54 crore in the cash market on Friday, and Asian markets were higher on Monday.

Reliance's quarter

Reliance's consolidated revenue for July to September rose 29% from a year earlier to Rs 3,62,268 crore, the highest it has reported in a quarter, and net profit rose 41% to Rs 25,548 crore from Rs 18,165 crore, according to figures reported by Goodreturns. EBITDA, a measure of operating profit, rose 23.9% to Rs 62,409 crore.

The oil-to-chemicals business, which refines crude and sells fuels and petrochemicals, drove the jump. Its revenue rose 44.2%, and its EBITDA by 67.9%, as fuel prices rose sharply with the war in the Gulf. "During 2Q FY27, our businesses delivered a strong performance despite a complex operating environment," chairman and managing director Mukesh Ambani said, according to Goodreturns.

Analysts at the brokerage Jefferies said the oil-to-chemicals business "delivered a strong beat", while the retail arm's results were about 6% below their estimates. They kept a "buy" rating with a target of Rs 1,710, Goodreturns reported. Reliance shares were trading at about Rs 1,254 on the NSE at 10.52 am, up 7.67%, and the company's market value rose by about Rs 1.25 lakh crore during the morning.

The Declaration could not open the company's results release on its website; the figures above are as reported by Goodreturns and should be checked against the stock-exchange filing.

Jio Platforms

Shares of Jio Platforms, the telecom and digital arm that listed on 28 October, rose as much as 3% to Rs 1,475 on the NSE, Upstox reported. In its first results since listing, released on Friday, it reported a 13.7% rise in net profit to Rs 8,389 crore and an 11.4% rise in revenue from operations to Rs 40,475 crore. Jio Platforms listed at Rs 1,358, a 21% premium to its issue price of Rs 1,119, after a Rs 30,213 crore initial public offering.

Other movers

Tata Steel and Maruti Suzuki were among the other top gainers on the Nifty at noon, and the oil and gas index rose the most of any sector, while pharmaceutical shares fell. Delivery company Delhivery rose about 9% after reporting a quarterly profit of Rs 40.6 crore, against a loss a year earlier. PB Fintech, which runs Policybazaar, fell as much as 7% to a 52-week low after its operating profit came in below analysts' estimates, Business Standard reported.

Why it matters

The war in the Gulf has pushed Brent crude above $110 a barrel, which raises India's import bill and fuel costs but has lifted refining margins for companies such as Reliance. Monday's rally shows how closely Indian markets are now tracking news from the US-Iran talks: a breakthrough would cut oil prices, while renewed strikes after Tuesday's US midterm elections could reverse the gains.

What happens next

More than 200 companies are reporting results on Monday, including State Bank of India and ITC. Closing figures for the Sensex and Nifty will be available after 3.30 pm.