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HSBC downgrades Reliance Industries to 'underweight'
India's Reliance Industries' KG-D6 facility located in the Indian state of Andhra Pradesh is pictured in this undated handout photo.
Credit: Reuters/Reliance Industries/Handout
Reuters Market Eye - HSBC downgrades Reliance Industries(RELI.NS) to 'underweight' from 'neutral' in view of the recent stock run-up in response to its buyback announcement.
Reliance's existing upstream(exploration) and downstream (refinery) businesses are under pressure owing to falling gas production and a decrease in downstream margins and the trend is expected to continue in near term, HSBC said in a note.
Gas production for Reliance is expected to fall further for at least another year in absence of any maintenance/workover, the report said. The bank maintains target price for Reliance at 800 rupees.
(Reporting by Manoj Dharra; Editing by Subhadip Sircar)
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