** Shares of Reliance Industries Ltd gain as much as 3.55 pct to their highest since May 2, 2008
** The oil-to-telecoms conglomerate on Monday posted a 12.8 pct rise in Q4 profit and beat estimates, helped by higher margins in core business
** Plans to spend further $2.8 bln on its Jio telecoms business in current qtr
** Morgan Stanley expects RIL's gross refining margins to remain above mid-cycle level with startup of some energy efficiency-related projects and configuration readjustments
** As past capex delivers and current capex pipeline is lighter, RIL will soon start generating high free cash flow, and could surprise with higher dividends and/or buy-backs - Nomura
** Out of 38 brokerages, 28 have "buy" or higher rating on stock, while 7 have "hold" and 3 "sell"
** Stock had risen about 31 pct this year up to Monday's close