Reliance Industries up 4% ahead of Q4 result

Reliance Industries has moved up 4% to Rs 1,091, ahead of fourth quarter results. The company will announce its Q4 March 2010 result on Friday, April 23. The company is expected to report higher net profit growth on the back of higher gas output from the prolific Krishna-Godavari basin.

The stock opened marginal higher over its previous day’s close to Rs 1,060, touched low of Rs 1,050 on the BSE. The counter has seen heavy volumes with around one million shares changing hands so far on the BSE, as compared to an average 75,000 shares traded daily in last two-weeks.

The analysts expect the company to post around Rs 5,428 crore net profit for Q4FY10, against Rs 3,854 crore net profit reported in Q4 of FY09.

The company reportedly paid Rs 770 crore as advance tax for Q4 March 2010 compared with Rs 365 crore in Q4 March 2009. Higher advance tax payment normally indicates higher profits for the period under review.