Reliance Industries’ share price fell as much as 5.18% to an intra-day low of Rs 1,496.30 a day after touching a fresh 52-week high. This could be due to profit booking. The stock was among the three major losers in the Nifty 50, dragging the benchmark as well.
On Monday, Reliance Industries’ share price hit a new 52-week high of Rs 1,611.8 per share after the US military forces attacked Venezuela and abducted its President, Nicolas Maduro. Later, US President Donald Trump announced plans to take over Venezuela and its oil business. This news affected the share price of Reliance Industries as it use to source 20% of its dailycrude target from Venezuela’s state oil company, PDVSA before 2019.
Jefferies on Reliance Industries
Jefferies said that if the US starts selling Venezuelan crude, Reliance is likely to once again secure these supplies at huge discounts. This will directly help Reliance’s Gross Refining Margins (GRMs).
One important thing that Jefferies noted is that Reliance Industries has a unique capability to refine complex crude oil (heavy, sour, and acidic), which Venezuela produces. Globally, very few refineries are like that to process such complex oil. The Venezuelan crude historically trades at an “advantaged” price, often a $5-8 per barrel discount to Brent.
Reliance Industries refutes Russian oil purchase claims
Reliance Industries, in a post on social platform X (formerly Twitter), refuted claims that three vessels from Russia are heading to the company’s Jamnagar refinery and it “is blatantly untrue”. A report by Bloomberg suggested that three oil tankers carrying about 2.2 million barrels of Russian Urals crude were moving to Reliance Industries’ Jamnagar refinery.
Reliance Industries share performance
The share price of Reliance Industries has risen 1.87% in the last five trading sessions (excluding January 06). The stock has surged 2.3% in the past one month and remained little changed in the last six months. Reliance Industries’ stock price has moved up 23.44% in the previous 12 months.
Reliance Industries Q2 FY26 results
The oil-to-chemicals major posted a net profit increase of 9.6% year-on-year of for the second quarter of the current financial year as its core segment recovered. The company’s a consolidated net profit came in at Rs 18,165 crore in Q2 FY26, which was higher than Rs 16,563 crore net profit reported in the same quarter a year ago.
The company’s consolidated revenue came in at Rs 2.55 lakh crore, a rise of 10% YoY, compared with Rs 2.44 lakh crore in the previous quarter and Rs 2.32 lakh crore in the same quarter last year.