Reliance Shares Climb 2.5% Amid US Waiver for India on Russian Oil Imports

Market Update: Reliance Industries Shares Rise 2.5% Amid US Treasury Department's Russian Oil Waiver Announcement

On March 6, Reliance Industries Ltd shares surged 2.5% to Rs 1,423.8 apiece, with the company emerging as the top Nifty gainer at 10:20 am. The rally came in response to the US Treasury Department's announcement of a temporary 30-day waiver allowing Indian refiners to purchase Russian oil.

US Treasury Department Secretary Scott Bessent stated that the waiver is a deliberately short-term measure aimed at alleviating pressure on global energy markets amid rising tensions in the Middle East. The US seeks to stabilize global energy markets and anticipates that India will increase its purchase of US oil.

Reliance Industries has been touted as the world's largest buyer of seaborne Russian oil, with projected purchases of around 600,000 barrels per day in 2025. The waiver is intended to allow Indian refiners to purchase oil already stranded at sea, with the aim of preventing a significant financial benefit to the Russian government.

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The move comes as the Strait of Hormuz, the world's most critical oil shipping chokepoint, faces disruptions following Iranian actions in response to US and Israeli strikes. The waiver is part of the US effort to mitigate the impact of these disruptions on global energy supplies and prices.

Key Statistics:

• 2.5%: Rise in Reliance Industries shares on March 6
• Rs 1,423.8: Price per share of Reliance Industries on March 6
• 30 days: Duration of the temporary waiver
• 600,000 barrels per day: Projected purchases of Russian oil by Reliance Industries in 2025
• 25%: Tariff imposed by the US on India for procurement of crude oil from Russia