January 16, 2013 / 6:47 AM / 5 years ago

Reliance Industries gains ahead of earnings

The control room of the Reliance Industries KG-D6 facility located in Andhra Pradesh is pictured in this undated handout photo.Reliance Industries/Handout

Reuters Market Eye - Shares in Reliance Industries(RELI.NS) ended up 1.7 percent, after rising as much as 2.8 percent in trade, as rival Essar Oil LtdESRO.NS 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.

Reporting by Abhishek Vishnoi

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