Stock in Reliance Industries Ltd (RIL) climbed to its 52-week high on Monday after India's biggest firm by market value reported better-than-expected results for quarter through December 2012.

In the three months to December 31, the company's net profit jumped 24 per cent year-on-year to Rs 5,502 crore; while net sales climbed more than 10 per cent to Rs 93,890 crore.

Exports grew 16.6 per cent to settle at Rs 66,915 crore from the previous quarter, while net turnover jumped 10 per cent, from 85,135 crore to Rs 93,886 crore.

The company posted an average gross refining margin (GRM) of $9.6 per barrel for the three months under review, against $6.8 in the corresponding period of last year.

Market analyst Sushil Choksey said, "RIL has reported it's highest ever EBITDA margins in the refining business and petrochemical volumes were stable (and their margins improved). The company has exceeded expectations."

At 09.15 am, RIL was the top Nifty gainer on the National Stock Exchange (NSE). The stock gained more than 5 per cent to Rs 946.20 a share. The Nifty could gain only 0.4 per cent.

On the Bombay Stock Exchange (BSE), the stock opened at Rs 936 and climbed to a high of Rs 955 a share. In opening deals on the two stock exchanges, around one million shares changed hands.

Global brokerages Goldman Sachs and Deutsche Bank upgraded the RIL stock and upped their target price for the stock to more than Rs 1,000.