India's Reliance Posts Best Day in Over Six Years
Reliance Industries Ltd. had its best day in more than six years, with shares surging as much as 12% after the company reported strong earnings for the March quarter, driven by its oil and gas business and telecom arm, Jio Platforms.
Reuters reports that the strong performance reflects a testament to the company's transformation over the past few years, diversifying into sectors like energy and digital services.
Jio Platforms, India's largest telecom operator, saw its revenue grow 44% year-on-year, while the oil and gas business reported a 57% jump in profit. These strong results have raised expectations for the company's future growth.
The market reaction suggests investors are optimistic about Reliance's prospects, with the stock trading at its highest level since 2014.