Indian conglomerate Reliance Industries recently reported a 39 per cent year-on-year increase in operating profits in the second quarter, with the refining and petrochemical businesses leading the way as expected. The company's fast-growing Jio telecom business also surprised on the upside with a positive EBITDA and EBIT contribution.

In our view, Jio will prove the jewel in the crown for the company (the shares are also listed in the US) over the next five years as it rolls out India's fastest growing 4G mobile phone network.