Reliance Industries of India reported better-than-expected earnings, and its stock price posted its largest gain in nine months.

Shares of Reliance Industries, India's most valuable company, surged in a sharp rally, posting their biggest gain in nine months. This followed the company's earnings results beating analysts' expectations, driven by the strong performance of its "oil-to-chemicals" business. In early trading in Mumbai, the stock rose as much as 6.2% to 1,237.3 rupees, marking its largest intraday gain since February 3. The flagship company owned by billionaire Mukesh Ambani released its earnings after market close last Friday, with net profit for the September quarter rising more than 40% year-on-year to 255.5 billion rupees, exceeding the average analyst estimate.