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Q2 Results Reaction: Reliance Shares Up 4%, HCL Tech Up 1%


Shares in Reliance Industries gained as much as 4 per cent post solid quarterly numbers led by the company's superb gross refining margins.


HCL Tech on the other hand whose shares dived as much as 2 per cent in morning trades after Q1 numbers that lagged estimates, recovered and was up almost 1 per cent.

Q2 Results Reaction: Reliance Shares Up 4%, HCL Tech Up 1%
The management of the company sounded more confident, which saw some recovery in the HCL Tech share price. The company had issued a warning last month itself on a likely miss on the revenue front and the share price of HCL Tech has seen a sharp recovery since then.

The results of Reliance Industries stunned most marketmen after the company beat most analysts estimates on the profitability front. The profits surged following Gross Refining Margins (GRM) that were placed at $10.60 per barrel. This was the highest GRM seen by the company in the last 7 years.

Shares in Reliance Industries were last trading at Rs 952, up 4.5 per cent, while HCL Tech was up 0.50 per cent in trade at Rs 845.

Read more about: reliance hcl tech
Story first published: Monday, October 19, 2015, 11:41 [IST]
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