REUTERS - Energy major Reliance Industries, controlled by billionaire Mukesh Ambani, is expected to report its second successive drop in quarterly profit, as refining margins are seen slipping to around $6 a barrel from $6.8 in the December quarter, and as gas output from its offshore fields slows further.
State-run Oil and Natural Gas Corp, the country's biggest oil producer, is likely to post a 28 percent rise in March quarter net profit, but a higher share of subsidy burden due to government-set fuel prices is expected to take the shine off gains from higher crude oil prices.
(Reporting by Prashant Mehra in MUMBAI; Editing by Ranjit Gangadharan)
Trending On Reuters
Indian manufacturing growth eased in August as the pace of orders softened, forcing factories to cut selling prices at the fastest rate in more than six years, a business survey showed on Tuesday. Full Article