Shares of Reliance Industries Limited rose more than 3% in early trade on Thursday, March 5, with the stock gaining momentum during the morning session.
The stock opened at ₹1,353.10 against the previous close of ₹1,345.00 and moved higher through the session. It touched an intraday high of ₹1,387.30 while the day’s low remained at ₹1,353.10. As of 10 AM IST, the stock was trading firmly in the green with active participation from investors.
Reliance Industries shares have been witnessing buying interest in early trade, pushing the stock close to the ₹1,390 mark during the session. The company’s stock has traded within a 52-week range of ₹1,114.85 on the lower side and ₹1,611.80 on the higher side.
Trading activity also remained strong, with around 54,33,224 shares changing hands on the exchanges by 10 AM IST.
In the oil and gas space, Reliance Industries is seen as one of the key beneficiaries of the strengthening refining margins. According to estimates cited by Citi, the company could stand to gain in its oil-to-chemicals (O2C) segment from improving refining margin strength, particularly driven by diesel.
Gross refining margins (GRMs) have shown a sharp improvement recently. Earlier, Singapore GRMs were around $10.8 per barrel, while Indian GRMs were significantly higher at $20.2 per barrel.
More recent indications show Singapore GRMs climbing further to around $25 per barrel, while Indian GRMs are currently estimated near $24 per barrel, reflecting a strong refining environment.
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