Indian energy firms Reliance Industries and Oil and Natural Gas Corp have registered remarkable hike in their quarterly profits. This profit is earned in the support of rising oil prices.

During October-December there was a 14 per cent rise in crude oil prices, it should enlarge limits for Reliance. It is expected that it would probably help India's largest listed company to post a record quarterly profit and nationalized ONGC its biggest quarterly percentage profit jump in near six years.

K. K Mital, CEO of portfolio management services with Globe Capital has said that the positions for both firms look optimistic because they do not expect crude prices to calm down largely from current levels anytime soon.

He has added that at present the realizations for both firms are probably constant.

The owner of Reliance Industries Mukesh Ambani is the fourth richest man in the world. According to Forbes magazine, the Company is all set to report a fifth straight quarterly rise in profit with a capital of $29 billion.