Shares in Reliance Industries Ltd (RIL) ended up 1.7 per cent after rival Essar Oil Ltd said it swung to a net profit in the quarter ended December, 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.
RIL 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 gained after a Press Trust of India report carried in the Business Standard newspaper said 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. RIL declined to comment on the matter.
Copyright @ Thomson Reuters 2013
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