RIL opens flat ahead of Q2 results

But gains momentum post weak opening

After having opened flat, the stock of Reliance Industries (RIL) has seen a rise of about 0.6% on Monday, ahead of its second quarter earnings announcement

The RIL share price opened flat at Rs 864 per share but has since then moved up 0.8% to Rs 870.60. It closed on Friday at Rs 863 per share.

Analysts said that the share price would remain in this range and is unlikely to see major moves in either direction till the September quarter numbers are announced.

“There is not much buying interest in the stock at the moment. Investors are sitting on the sidelines and waiting for the results to be announced. The outlook on the stock is neither too negative nor too positive," said Dhaval Joshi, analyst with Emkay Global Financial Services.

The company has so far lived up to whatever guidance it has given so far, he added.

Analayts said that the company is expected to post net profit numbers in the Range Rs 5,400 - 5,500 crore. Last quarter, the company had posted a net profit of Rs 5,353 crore, up 18.9% on year-on-year basis.

The RIL stock has a weightage of 8.7% in the BSE Sensex and is the most valued stock after TCS, with a market-cap of Rs 2.78 lakh crore.

On Monday, the BSE Sensex was up 0.3% to 20,589. It closed on Friday at 20,528.