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RIL shares gain 2% ahead of June quarter results; brokerages expect Jio to support earnings

Kotak Institutional Equities expects EBITDA to increase by Rs 1,060 crore QoQ, while Motilal Oswal foresees a mixed quarter.

July 31, 2020 / 12:14 AM IST

Reliance Industries share price gained almost 2 percent intraday on July 30 ahead of its June quarter numbers that are to be announced after market hours.

Reliance Industries is likely to see some impact of COVID-19-led lockdown on standalone business but consolidated earnings are expected to be supported by the telecom unit Jio with overall strong margin expectations, brokerages say.

It could be a mixed quarter for the oil-to-retail company as it expects RIL to report gross refining margin (GRM) at $9 per barrel for the quarter against $8.1 a barrel in Q1FY20 and $8.9 a barrel in Q4FY20, helped by inventory gain as well as discounts offered to Indian refiners at the beginning of the quarter.

On the Jio front, Kotak Institutional Equities expects EBITDA to increase by Rs 1,060 crore QoQ led by a modest rise in subscriber base to 396 million and ARPU to Rs 137 per month.