RIL failed to sustain the higher levels even though the company's Q4 results are expected to come out strong.

The scrip of the diversified corporate giant was marginally in the positive, up 0.7% to Rs 229.90, in early afternoon trade. It had earlier high a high of Rs 283.45. Volumes were strodng though, at 2.45 million in two hours of trading. Traders usually become very active on the stock on the day of the company's results announcement. RIL's Q4 results are expected by noon.

RIL has remained relatively firm on the bourses over the last few months, when it moved in a Rs 270-300 band. This range was maintained after a sharp surge from Rs 219.30 late October 2002 following RIL's announcement of a mega gas find in the Krishna-Godavari basin in Andhra Pradesh.

RIL is expected to come out with strong Q4 results. As per a capitalmarket.com poll, RIL should post a 23-30% jump in Q4 ended 31 March 2003 net profit to Rs 1,028-1,086 crore (Rs 10.28-10.86 billion) as against Rs 835 crore (Rs 8.35 billion) in the corresponding period last year. Analysts project the company's sales at between Rs 10,973 crore (Rs 109.73 billion) and Rs 13,930 crore (Rs 139.3 billion) for Q4 ended 31 March 2003 as against sales of Rs 9,993 crore (Rs 99.93) in Q4 ended 31 March 2002, a rise of 9.8% to 39.4%.

The recovery in global petrochemical prices are largely credited for the high expectations. RIL is a leading petrochemicals company manufacturing polymers, polyesters and fibre intermediates.

Besides petrochemicals, Reliance Industries is also a petroleum refiner (after it merged group company Reliance Petroleum with itself). RIL has, reportedly, also bid for acquiring the 34% government stake in HPCL .

RIL has emerged as one of the largest private sector players in the oil exploration segment as well, after it announced a mega gas discovery late October 2002.

RIL has a key venture in the telecom sector, too. However, RIL's huge investment in the telecom segment will take time to bear fruit. RIL's telecom services are expected to be launched on a commercial basis on 1 May 2003.

For Q3 ended 31 December 2002, RIL posted a 24% rise in net profit to Rs 1,083 crore (Rs 10.83 billion), compared to Rs 873 crore (Rs 8.73 billion) in the corresponding period of the previous year. Total income increased by 7.58% to Rs 11,243 crore (Rs 112.43 billion) from Rs 10,450 crore (Rs 104.5 billion) in DQ 2001. The figures for the corresponding previous period were restated to include the effect of the amalgamation of Reliance Petroleum with RIL.

BSE code: 500325