MUMBAI Jan 21 Shares of Indian conglomerate Reliance Industries Ltd rose 4.2 percent in pre-open trade, after posting a better-than-expected 24 percent jump in third-quarter net profit.
The company on Friday posted its first profit increase after four quarters of declining returns, buoyed by improving margins in its core oil refining business. (Reporting by Abhishek Vishnoi; Editing by Anand Basu)
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Two years ago India was a "fragile five" economy growing at 5 percent, facing a severe current account deficit and the rupee at record lows as the U.S. Fed Reserve prepared to taper its stimulus programme. Today, two years into the term of RBI Governor Raghuram Rajan, India is set to confidently face the Fed's first rate rise since 2006. Full Article