By Sethuraman N R (Reuters) -Shares of Reliance Industries rose nearly 5% on Friday and were set for their best week in six months, as the company beat quarterly profit estimates on a boost from its retail business,

Reliance Industries Ltd on Thursday (January 16) reported a 7.4% rise in its December quarter net profit, as its retail business rebounded and telecom earnings rose.

Reliance Industries Ltd on Thursday reported a 7.4 per cent rise in its December quarter net profit as retail business rebounded, telecom earnings surged on higher tariffs and mainstay oil and petrochemicals business delivered consistent performance.

Shares of Reliance Industries climbed as much as 5% in early trade on Friday, after the country's most valuable company topped quarterly profit estimates on strong demand in its retail and telecom units.