Following the release of Reliance Industries Ltd's (RIL) first quarter financial results on Friday, investors and brokerages showed a positive outlook on the company. As a result, the share price of RIL rose as much as 2.5 percent to hit a new lifetime high of Rs 1,157.55 a piece on BSE (Bombay Stock Exchange). It is also RIL's biggest intraday gain since January 1991.

Goldman Sachs has maintained a 'Buy" status on the stock estimating a growth in the company's petrochemicals business. Morgan Stanley has estimated a compounded earnings growth of 15 percent over the financial years 2019-21.

On Friday, after market hours, RIL reported a net profit increase of 1.4 percent to Rs 8,820 crore for the first quarter of the financial year 2018-19. In its company presentation, it said that it expects consumption growth for middle distillates like diesel and jet fuel to remain strong after the pick up in industrial demand and change in IMO fuel specifications.

Its telecom arm Reliance Jio reported a 20 percent rise in net profit to Rs 612 crore for the June 2018 ended quarter from the previous quarter. Bloomberg analysts had estimated the profits to be Rs 551 crore.