January 16, 2013 / 6:32 AM / 5 years ago

MARKET EYE-India's Reliance Industries gains ahead of earnings

* Shares in Reliance Industries gain 2.1 percent after
rival Essar Oil Ltd said it swung to a net profit in
the October-December quarter, with gross refining margins at a
healthy $9.75 a barrel.
* Dealers say Essar results point to potentially improving
refining margins at Reliance when it posts results on Friday. 
* Reliance is expected to report its first profit increase after
four quarters of declining profits, according to consensus of
analyst estimates, Thomson Reuters Starmine data showed.
* Reliance shares also gain after a Press Trust of India report
carried in the Business Standard newspaper says recent
recommendations from a government-appointed panel to look at gas
pricing will be submitted to the cabinet for consideration,
citing ministry sources.
* Those recommendations are expected to lead to higher gas
prices. 
* Reliance declined to comment on the matter.

 (abhishek.vishnoi@thomsonreuters.com /;
prashant.mehra@thomsonreuters.com)

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