RELIANCE
2 deep-dives · 35 policy notes
What has moved RELIANCE
20 dated calls from the policy coverage · 8 positive · 3 negative · 9 watch
- Watch2026-10-19inferred
These are the highest-foreign-ownership index weights, so they absorb the marginal sell order; the offset is that domestic institutions have been buying the same names
Policy Pulse - Ministries & Regulators - 19 Oct 2026 - Watch2026-10-19inferred
All proceeds go to Jio Platforms to repay debt, so the holdco benefit is a lower consolidated leverage ratio rather than cash; the value unlock argument is real but it is already in the price of a ₹10.3 lakh crore mark
Policy Pulse - Ministries & Regulators - 19 Oct 2026 - Positive2026-10-19inferred
The Jamnagar complex is the largest single-site refinery in the world and the most flexible buyer in the system; the tariff risk that had been attached to its feedstock choice is now a policy variable rather than a cost
Policy Pulse - Modi / India Govt - 19 Oct 2026 - Positive2026-10-19
named geography. A US secretary of state visiting the refining complex is the strongest available signal that India's refining feedstock choice will not be priced as a sanctions violation while the waiver holds
Policy Pulse - Modi / India Govt - 19 Oct 2026 - Watch2026-10-16inferred
These are the highest-weight, highest-liquidity Indian names in EM index products, so they are the first destination if Indian weight is increased to absorb freed allocation — and they are also the first sold if the response is to cut EM beta overall
Policy Pulse - Global Spillover - 16 Oct 2026 - Positive2026-10-16inferred
Sustained Brent above $100 with a war-risk premium that a strategic-stock release cannot clear supports upstream realisations and integrated refining margins
Policy Pulse - Global Spillover - 16 Oct 2026 - Watch2026-10-16
named. Reliance is the selling shareholder of record; the ₹30,213 crore raise is a monetisation of a subsidiary rather than a change in the parent's own cash flows
Policy Pulse - Ministries & Regulators - 16 Oct 2026 - Watch2026-10-16inferred
The Jamnagar complex is the single largest physical node in India's crude-import system, so a US energy-cooperation agenda that touches Russian-barrel compliance lands there first — in either direction
Policy Pulse - Modi / India Govt - 16 Oct 2026 - Positive2026-10-15
named. The parent's holding in Jio Platforms is being marked by the market at the IPO band, and the implied valuation is the single largest re-rating event for the consolidated entity this year
Policy Pulse - Ministries & Regulators - 15 Oct 2026 - Positive2026-10-08inferred
Refiners and upstream producers with dollar-linked realisations benefit from the currency move alongside the crude move
Policy Pulse - Global Spillover - 08 Oct 2026 - Negative2026-10-08
Broad-based risk-off across fuel-cost, capex and defence-capex names; IndiGo -3.55% and BEL -2.96%
Policy Pulse - Ministries & Regulators - 08 Oct 2026 - Watch2026-10-05
Product cracks compress if the diesel release closes the tight-product leg, which is negative for refining margins, but cheaper feedstock is positive for the petrochemical chain
Policy Pulse - Global - 05 Oct 2026 - Negative2026-10-05
Indian refiners are the direct counterparties of the Russian crude discount. A top-five designation would, at minimum, force a substitution of the cheapest barrel in the slate and a step change in landed cost
Policy Pulse - Global - 05 Oct 2026 - Negative2026-10-05
See the Global article — the October 18 secondary-sanctions decision under the Lindsey O. Graham Act is the single largest tariff risk facing Indian refiners this month
Policy Pulse - Ministries & Regulators - 05 Oct 2026 - Positive2026-10-02
The second straight fortnightly cut in diesel and ATF special additional excise duty is a clean margin transfer to product exporters
Policy Pulse - Ministries & Regulators - 02 Oct 2026 - Watch2026-10-02
Same discounted-crude exposure as the PSU refiners, with Reliance the largest single buyer of Russian barrels
Policy Pulse - Modi / India Govt - 02 Oct 2026 - Watch2026-10-02
Indian refiners are the largest buyers of discounted Russian and West Asian crude, and this week delivered a 74% month-on-month jump in West Asian imports to 2.10 mbd. Every geopolitical shift in the Gulf changes their landed cost
Policy Pulse - Modi / India Govt - 02 Oct 2026 - Watch2026-10-01inferred
Higher crude raises working capital and under-recovery risk while the export-levy cut the Finance Ministry notified on October 1 improves export product economics. India imports nearly 90% of its crude, so the net at $100-plus Brent is negative for the domestic marketing business ⚠️ inferred
Policy Pulse - Global Spillover - 01 Oct 2026 - Positive2026-10-01
A lower export levy is a direct margin transfer to refiners exporting diesel and ATF. Reliance and MRPL carry the largest export product exposure; the PSU refiners blend export and domestic books
Policy Pulse - Ministries & Regulators - 01 Oct 2026 - Positive2026-09-30
A Reliance Jio mainboard listing in the October–November 2026 window would be the largest primary-market event in Indian history and a direct value-unlock for the parent
Policy Pulse - Ministries & Regulators - 30 Sep 2026
Deep-dive research
Policy Pulse — Modi / India Govt — 02 Jul 2026
India-Japan Summit: $10B+ investment pledge, first defence co-development pact (UNICORN naval mast) for BEL, MAZDOCK, HAL. Japan Renesas JV boosts CGPOWER OSAT. AI joint statement lifts TCS, INFY. Critical minerals pact + clean energy helps RELIANCE. Stock-specific BUY/HOLD calls inside.
Reliance Industries — AGM 2026 Preview | Is ₹1,333 a Buy?
Reliance analysis ahead of AGM 2026 — P/E 25.9, 3D P/E 19.1, Delayed telecom tariff hike, Jio Financial demerger gains. Entry zones ₹1,285-1,300, ₹1,190-1,210.
Mentioned in Policy Pulse
Policy Pulse - Ministries & Regulators - 19 Oct 2026
NPPA capped trade margins on 137 cancer drugs at 30% from November 9, a margin reset that hits MEDPLUS and re-prices oncology-heavy portfolios like NATCOPHARM, while Jio's 30x anchor book keeps BSE and ANGELONE on the right side of the primary market.
Policy Pulse - Modi / India Govt - 19 Oct 2026
India's 100% tariff tail risk is gone: the Graham Act waiver removes the secondary duty that would have hit every Indian shipment, putting IOC, BPCL and HINDPETRO back on Russian crude without an export penalty, while WAAREEENER faces the one duty that was not waived.
Policy Pulse - Modi / India Govt - 16 Oct 2026
PM Modi's 2036 Olympics ambition was priced the next morning at Rs 7,386.74 crore: the Sports Ministry raised event-hosting aid from Rs 2 crore to up to Rs 50 crore, mapping to LT and ULTRACEMCO. Rubio lands in Jamnagar, the RELIANCE refinery complex, two days after the Graham Act deadline.
Policy Pulse - Ministries & Regulators - 15 Oct 2026
The CCEA cleared the Rs 52,878 crore sale of a 60.72% IDBI Bank stake to Fairfax at Rs 81 a share and IDBI fell 7%, while the Supreme Court quashed Yes Bank's Rs 8,415 crore AT1 write-off and YESBANK fell 12.68%. Jio Platforms priced India's largest IPO at Rs 1,065-1,119, lifting RELIANCE 3.44% and BSE 2.70%.
Policy Pulse - Global Spillover - 08 Oct 2026
Brent rose 4.25 percent to USD 104.5 after Axios reported the Pentagon has been told to prepare for a possible resumption of major combat operations in Iran and Tropical Storm Isaias shut in a quarter of Gulf of Mexico output, positive for XOM, CVX and ONGC and negative for DAL, IOC and BPCL; hawkish September FOMC minutes kept the 10-year near 5.28 percent and the 30-year at 2002 levels, and India joined the US-led 15-country excess-capacity initiative while a Section 301 investigation into India's own industrial policies remains live.
Policy Pulse - Ministries & Regulators - 08 Oct 2026
The 57th GST Council left rates untouched but recommended removing GST officers' arrest powers, raising the prosecution threshold to Rs 5 crore, cutting the general penalty to Rs 10,000 and automating refunds and ITC, positive for SUNPHARMA, DRREDDY and CIPLA and for TCS and INFY on services-export facilitation; the reported deferral of the UPI merchant fee to January 2027 took 5.2 percent off PAYTM and 4.5 percent off MOBIKWIK, while TCS opened Q2 FY27 with profit up 15 percent to Rs 13,884 crore and a further Rs 12 dividend.
Policy Pulse - Global - 06 Oct 2026
Brent fell back below USD 100 to USD 98.33 as Hormuz transits and the Saudi East-West pipeline recovered and the G7's 100-million-barrel release began flowing - a cost tailwind for IOC, BPCL and INDIGO and a headwind for ONGC and XOM. The S&P 500 and Nasdaq printed new records on Tuesday as the 10-year Treasury eased to 5.26% from a 19-year high of 5.35%, the euro hit a 17-month low on French fiscal stress, and BMI Research raised its Q4 2026 Brent forecast to USD 107 a barrel while Kenanga went to USD 91 for 2026.
Policy Pulse - Ministries & Regulators - 06 Oct 2026
The Ministry of Defence signed a Rs 661.50 crore BrahMos fire-control and launcher contract for Indian Navy ships at a minimum 68% indigenous content - BEL and LT are the inferred beneficiaries because PIB names no listed company. The RBI decides rates tomorrow with a 25 basis point hike to 5.50% near-fully priced, the 57th GST Council was rescheduled for a second time to October 8, and SEBI is reported to be partly reversing the Closing Auction Session for derivatives settlement, a positive for BSE, ANGELONE and MOTILALOFS. Trent's 23% Q2 revenue beat drove a 12.6% surge to a Rs 1.5 trillion market cap while Coal India and Tech Mahindra led the day's losses as the Sensex closed 685 points higher at 73,067.81.
Policy Pulse - Modi / India Govt - 06 Oct 2026
The Cabinet approved a Rs 10,000 crore SME Growth Fund to supply patient growth equity to high-potential SMEs - BSE, SBIN and CHOLAFIN are the inferred beneficiaries - and cleared the Integrated Transport and Logistics Authority as an SPV that will write a long-term National Transport Plan and appraise every government infrastructure project worth Rs 500 crore or more, a positive read-through for LT, IRB and CONCOR. The World Bank raised India's FY27 growth forecast 50 basis points to 7.1%, and the primary market stayed open with SRIT India listing at a 13.85% premium while AceVector debuted at an 11.5% discount.
Policy Pulse - Global - 05 Oct 2026
The G7 began a coordinated 100-million-barrel IEA release with a frontloaded diesel leg after Trump's export-ban threat, splitting the crude market - Brent near $101.5 against WTI below $90 and Murban at $110.80 - which is positive for DAL, UAL and INDIGO and negative for VLO and PSX. The Lindsey Graham Act's secondary sanctions on Russian-crude buyers could be decided by October 18, a live risk for RELIANCE, IOC and BPCL, while the US-Ukraine fund's first $30 million minerals deal and China's rare-earth suspension extension to January 2027 lift MP and USAR.
Policy Pulse - Ministries & Regulators - 02 Oct 2026
India is in the final stages of approving a ₹80,000 crore Project-75(I) submarine deal with Germany to be built by MAZDOCK with ThyssenKrupp, while the MoD inked a ₹810.79 crore SAT-SAAW contract with BDL. September power shortages hit a three-year high at 560 million kWh, and the Section 11 order forcing 112 private captive coal plants to run flat out and sell into exchanges is now live — positive for COALINDIA, NTPC and TATAPOWER. September GST rose 14.7% to ₹2,03,521 crore but on a record-high import share, and RBI eased bank shareholding norms for mutual funds, insurers and pension funds.
Policy Pulse - Modi / India Govt - 02 Oct 2026
GOBARdhan, the ₹23,731 crore National Unified Scheme for Compressed Biogas approved by the Cabinet chaired by PM Modi on August 6, was launched on October 1 with a ten-year runway to raise CBG output tenfold to about 5 MMSCMD at an administered price of ₹2,110 per MMBTU — a structural positive for GAIL, IGL, MGL, ATGL and PRAJIND. The People's Plan Campaign 2026-27 launched on Gandhi Jayanti, PM Modi paid tributes at Rajghat and spoke to flydubai hero Captain Smit Machchhar, and Putin praised the PM's Ukraine peace effort. India's markets were closed for Gandhi Jayanti after an eighth straight weekly loss, the longest in 25 years.
Policy Pulse - Global Spillover - 01 Oct 2026
G20 trade ministers endorsed a Milwaukee Framework on steel overcapacity as Greer put the MFN principle itself up for review, while a Section 301 overcapacity probe covering 16 economies including India remains the unexercised risk to SUNPHARMA, WELSPUNLIV and BHARATFORG. Brent went back above $100 on China's fuel-export halt, lifting XOM and CVX against DAL and CCL, the US 10-year held near 5.28% after its biggest quarterly gain since 1994, and Micron's blowout quarter drove a 2.9-3.3% Nikkei rally.
Policy Pulse - Ministries & Regulators - 01 Oct 2026
The Finance Ministry cut the diesel and ATF export levy for a second fortnight, positive for IOC, BPCL and RELIANCE, as GST crossed Rs 2 lakh crore for a third month and the manufacturing PMI hit a seven-month high of 55.1. SEBI cleared corporate bond index futures for the NSE, the AMCA prototype RFP closed on 30 October with LT, BEL, BHARATFORG, BEML and DATAPATTNS named in the three shortlisted consortia while HAL did not qualify, and the rupee closed at 96.31 into a live RBI hike risk on October 7.
Policy Pulse - Ministries & Regulators - 30 Sep 2026
The CGA put the fiscal deficit at 41.9% of the FY27 target with five months gone, the RBI reported a record $200bn net forward dollar book as the concessional FCNR(B) window closed, and SEBI's Pandey rebuilt FPI onboarding rails while confirming no exchange interoperability and no changes outside the CAS paper. BSE replaced Wipro in the Nifty 50, the Andaman offshore mineral auction returns on October 1, and SEBI's 215th Board rewrote PMS regulations for MOTILALOFS and BSE.
Policy Pulse - Modi / India Govt - 30 Sep 2026
The Cabinet approved the Rs 1.86 lakh crore PM-DHARA scheme - 135 GW of renewable evacuation plus 50 GWh of battery storage - as part of a Rs 2.79 lakh crore package with the Rabi MSP policy and a Delhi traffic system, drawing POWERGRID, KEC, KPIL and the transformer and storage complex into focus. Modi also spoke with Trump as Goyal met Greer in Milwaukee on the interim trade deal, the Supreme Court kept the 0.4% UPI MDR on track for October 15, and the Sabarmati LNG train and Kandla e-methanol plant carried the green-fuel push.
Policy Pulse - Global Spillover - 16 Sep 2026
Brent held above USD 108 after Saudi Arabia's East-West pipeline went offline, the Fed is set to deliver its first hike since 2023 with a 25bp move 94% priced, and the BoJ meets September 17-18 expected to lift rates to a 31-year high of 1.25%. ONGC and OIL gain on the crude bid while IOC, BPCL and HINDPETRO absorb negative marketing margins.
Policy Pulse - Global Spillover - 11 Sep 2026
Brent's surge to a USD 107.63 close (highest since May 19) and a hot 0.3% core CPI pushed the US 10-year to about 4.95% and the 30-year to 19-year highs - buy energy (XOM, CVX, ONGC), sell airlines (DAL, UAL, INDIGO). BRICS opens in New Delhi with CBDC payment links and critical minerals on the agenda, not a common currency.
Policy Pulse - Ministries/Regulators - 11 Sep 2026
NSE priced its IPO at Rs 1,700-1,785 (~Rs 22,562 crore, opens Sep 17, listing circa Sep 24) with the issue down about 15% - a re-rating trigger for BSE and ANGELONE. Record August SIP flows of Rs 32,297 crore and Rs 87.08 trillion MF AUM lift HDFCAMC and NAM-INDIA, while Brent above USD 100 drives oil-marketing margins to Rs -5/litre petrol and Rs -23/litre diesel (IOC, BPCL, HINDPETRO negative).
Policy Pulse - Global Spillover - 10 Sep 2026
ECB hikes 25bp to a 2.50% deposit rate, its second hike of 2026, blaming Middle East energy costs. Brent holds above USD 100-102 after the US sank five Iranian tankers and Iran struck 10 vessels, with Hormuz flows below 2 mbpd. Buy energy (XOM, CVX, OXY, VLO), sell airlines (DAL, UAL) and India's OMCs (IOC, BPCL, HINDPETRO); ONGC benefits.
Policy Pulse - Global - 09 Sep 2026
Day 194: Brent tops USD 100 as the tanker war widens (5 more tankers destroyed, Iran threatens Gulf ports). India: Sensex -813 to a 3-month low, IT -3%, rupee 95.08; metals and energy gain. BUY ONGC/OIL/XOM, SELL IOC/INDIGO/DAL.
Policy Pulse - Global - 08 Sep 2026
Day 193 of Hormuz conflict: US strikes on 3 Iranian tankers and Houthi attacks on Saudi energy push Brent to ~USD 98; Goldman lifts Brent to USD 85 (Dec-26), disruptions seen into 2027. Rupee -0.35% to 94.81; BUY ONGC/OIL, SELL IOC/BPCL/INDIGO.
Policy Pulse - Global - 04 Sep 2026
Asia rallies Friday (Nikkei back above 65,000, Kospi +1.6%) on Waller hold hopes; then US jobs beat lifts Sept hike odds to 63%. Brent ~USD 95 on Day 189. India snaps 4-day fall: Sensex +363, metals/financials lead.
Policy Pulse - Global - 03 Sep 2026
Day 188: Brent tops USD 97, touches USD 99 - BUY XOM, ONGC; SELL DAL, INDIGO. Asia mixed (KOSPI rebounds). US hike odds slide to 54%. Sensex -417, Bank Nifty +0.36%, rupee 94.59.
Policy Pulse - Global - 02 Sep 2026
Global risk-off Day 187: KOSPI -4%, Nikkei -2.9%, bond rout (US 10-yr 4.8%, JGB 3%). Brent $95. India Sensex -374 but FIIs net buy Rs 6,688 cr. BUY ONGC, COALINDIA; SELL INDIGO, WIPRO.
Policy Pulse — Ministries/Regulators — 18 Aug 2026
MoD signs Rs 1,943 cr MQ-9B drone lease with General Atomics; Nifty falls 6th straight session to 24,155 on crude above $90
Policy Pulse — Global — 14 Aug 2026
US indefinite-Hormuz-blockade threat + IEA supply cut (4.3M bpd) fuel a ~6% weekly oil rally — BUY XOM/CVX/OXY, SELL DAL/UAL; India refiners under pressure as rupee dips; only a signed deal flips the trade
Policy Pulse — Ministries & Regulators — 07 Aug 2026
NSE issues Authorised Persons consultation (comments by Aug 27) — AP-heavy brokers face compliance reshuffle, exchanges/incumbents benefit. RBI on hold (recap). PSU banks +2% led Aug 6 close.
Policy Pulse — Global — 04 Aug 2026
Hormuz talks stall, oil rebounds 1.4% (Brent ~5), India consolidates (Nifty -159 to 24,615) ahead of RBI Aug 5. Q1 earnings Ather +14%, BSE +62% drive select moves.
Policy Pulse — Ministries & Regulators — 04 Aug 2026
SEBI Closing Auction Session (CAS) live from Aug 3; windfall tax raised on fuel exports (negative for IOC, BPCL, HPCL, RELIANCE). BSE Q1 profit +62%, Ather +14%, Pidilite +27.7%.
Policy Pulse — Global — 03 Aug 2026
US-Iran de-escalation crashes crude 6%. India rallies: refiners (BPCL, HPCL, IOC), airlines (INDIGO), gas pure. US energy sells off (XOM, CVX); airlines gain.
Policy Pulse — Global Spillover — 27 Jul 2026
Global markets rally on US-Iran war pause — Sensex +776, S&P 500 +1%, oil crashes 7%. Indian refiners reverse from SELL to BUY. ONGC biggest loser. BEL strong Q1. Fed meeting + Big Tech earnings this week. Saudi strikes Houthis — Red Sea risk persists.
Policy Pulse — Global — 17 Jul 2026
Strait of Hormuz escalation: buy XOM, CVX, OXY, EOG; sell DAL, UAL, AAL, CCL, RCL. Section 301 deadline Jul 20: buy WMT, TGT, COST if Section 122 lapses; sell TCS, INFY, WIPRO, SUNPHARMA if 12.5% tariff hits.
Policy Pulse — Ministries — 14 Jul 2026
SEBI's stricter conflict-of-interest rules and DPIIT's enhanced FDI approval SOP improve India's regulatory transparency — banking stocks (HDFCBANK, ICICIBANK, BAJFINANCE) benefit from clearer foreign investment pathways.
Policy Pulse — Ministries — 08 Jul 2026
FM Sitharaman pushes toy exports to capture 25% of 79B global market. SEBI mandates FPI fees in INR, issues insider trading warning to Reliance, and reintroduces open market buyback framework.