For Reliance, with Love: Russian oil has supercharged profits

India has introduced a tax on fuel exports to lift revenue and boost domestic supply. (Photo: Reuters) — India has introduced a tax on fuel exports to lift revenue and boost domestic supply. (Photo: Reuters)

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2 min read . Updated: 05 Jul 2022, 06:44 PM IST Megha Mandavia, The Wall Street Journal

An increase in Russian imports will help the company continue to notch record refining margins, despite a new windfall tax on Indian fuel exports

It takes a lot to shake confidence in Reliance Industries Ltd, India’s most valuable company. An unprecedented windfall tax on fuel exports, which pushed the stock down by as much as 9% on Friday, seemed to do the trick.