Reliance Industries shares gain 2% on US waiver for Russian oil purchase

Shares of Reliance Industries Ltd. rose over 2 per cent on Friday after the US issued a general license to allow for some Russian oil sales to India amid West Asia conflict.  

The conglomerate's stock rose as much as 2.17 per cent during the day to ₹1,419.5 per share, a day after it rose as much as 4 per cent. The Reliance Industries stock pared gains to trade 1.8 per cent higher at ₹1,414 apiece, compared to a 0.35 per cent decline in Nifty 50 as of 9:45 AM.  

Shares of the company rose for the second straight session and currently trade at 2 times the average 30-day trading volume, according to Bloomberg. The counter has decline 9.8 per cent this year, compared to a 5.6 per cent decline in the benchmark Nifty 50. Reliance has a total market capitalisation of ₹19.17 trillion.   READ INDIAN STOCK MARKET UPDATES LIVE

 

US allows some Russian oil sales to India

The US issued a general license to allow for some Russian oil sales to India, escalating tensions in West Asia, and limiting oil supply. The measure expires April 4 at 12:01 a.m. Washington time, according to Bloomberg report. 

"To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil," US Treasury Secretary Scott Bessent said in a post on X. "This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea." 

Russia remained India’s top crude oil supplier in February, accounting for 21 per cent of the country’s total oil imports, despite pressure from the US to curb oil purchases from Moscow. India’s crude oil imports from Russia held steady at 1.1 million barrels per day (bpd) until February 27, according to an earlier Business Standard report.  

Other Indian refiners, including Hindustan Petroleum Corporation (HPCL), Mangalore Refinery and Petrochemicals (MRPL) and HPCL-Mittal Energy (HMEL), did not buy Russian oil in February 2026.  READ | DCX Systems shares advance 6% on ₹68 crore order win from HAL 

Nomura said Reliance Industries is likely to be the key beneficiary among stocks under its coverage, while any gains for oil marketing companies (OMCs) from higher gross refining margins may be offset by fuel marketing losses of about ₹20 per litre. Nomura said it expects negative integrated margins for Hindustan Petroleum Corporation Ltd. due to its higher share of fuel marketing volumes, where margins remain very weak. 

The recent correction in RIL share price may be overdone, JM Financial Institutional said, adding that it sees meaningful upside in the stock from current levels. It has maintained its 'Buy' rating on the RIL stock with a share price target of ₹1,730 per share. "RIL could see near-term benefits due to a jump in diesel crack on account of supply disruption risk; and likely rise in petchem margin," the brokerage said. 

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