Shares of Reliance Industries (RIL) were up 3.5 per cent at Rs 2,730 intra-day trade, surging as much as 7 per cent in the last two trading sessions on expectations of healthy earnings. The stock of the Mukesh Ambani-led refineries & marketing company is now close to its record high of Rs 2,750 touched on October 19, 2021.

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RIL’s consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) are estimated to grow 66.3 per cent year-on-year (YoY) to Rs 38,824 crore, mainly led by oil-to-chemical (O2C) and digital service segments. On a quarter-on-quarter (QoQ) basis, it is expected to grow 30.7 per cent, led by the O2C segment, ICICI Securities said in its result preview.

Those at Elara Capital, meanwhile, said: RIL may witness 38 per cent YoY EBITDA growth in Q4 on gross solid refining margins (GRMs), Jio’s earnings growth, and retail demand recovery. Q4FY22 GRM is likely to be $12.1/bbl versus an estimated $7/bbl in Q4FY21.