RIL is the second best performer stocks from the 30 share index Sensex, gaining 56% so far in the calendar year 2017 (CY17), as against 21% rise in the benchmark index. Tata Steel has rallied 74% so far in CY17.

Since July 20, post April-June (Q1FY18) results, the stock have outperformed the market by gaining 10% as compared to 1% rise in Sensex. RIL had issued bonus shares in the ratio of 1:1 i.e one bonus equity share for every one equity share held in the company.

According to JP Morgan, July – September quarter (Q2) should be another strong quarter for RIL.

“While the headline product crack strength is positive we would highlight that given the multiple moving parts for RIL (hedging strategy, light-heavy spreads, crude sourcing), there may not be a one-to-one flow-through of the current strength into 2QFY18 results. Overall, we would expect 2QFY18 refining margins for RIL to be higher than 1Q reported margins of $11.9/bbl,” the foreign brokerage firm said in recent report.

“We do not see upside risk to our FY18 EBITDA estimate of Rs584bn as the upside from core refining segment offsets the lower earnings from new projects given the delays. RIL’s stock price has also benefited from expectations of a large cut in Interconnect charges, which we believe would benefit RIL’s telecom operations, RJIO,” added report.