BENGALURU, Oct 30 (Reuters) – Shares of India’s most useful firm Reliance Industries (RELI.NS) rose as a lot as 2% on Monday after it reported a much bigger second-quarter revenue late on Friday.

The billionaire Mukesh Ambani-led firm’s consolidated revenue rose 27.4% to 173.94 billion rupees ($2.09 billion) within the three months to Sept. 30 from a yr earlier.

The firm depends closely on its mainstay oil-to-chemicals (O2C) enterprise to become profitable regardless of its aggressive growth into retail, telecom and inexperienced power.

A climb in core revenue was pushed by a pointy enhance in refining margins, Jefferies mentioned.

Others mentioned they anticipated a lift to its retail and telecoms enterprise within the present quarter as properly.

“Though the retail business will benefit from a festive quarter and the energy business will benefit from the completion of MJ field ramp-up, we expect steady growth in digital services and a modest pullback in O2C with planned maintenance,” BOB Capital Markets mentioned.

Jefferies and BOB Capital each have a “buy” ranking on Reliance’s inventory, with “buy” additionally being the typical ranking of 32 analysts. The median worth goal on the inventory is 2,853.5 rupees apiece.

Reliance’s shares – the second-heaviest inventory on the bluechip Nifty 50 (.NSEI) index – had been final up 1.4%, trimming their decline up to now this yr to 0.7%.

($1 = 83.2475 Indian rupees)

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