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India's Reliance Industries KG-D6's facility located in Andhra Pradesh is pictured in this undated handout photo.
Credit: Reuters/Reliance Industries/Handout
Reuters Market Eye - Kotak Institutional Equities downgrades Reliance Industries to "sell" from "reduce", saying the recent run-up in shares is not justified by fundamentals and citing concerns about refining margins.
Reliance shares are up 11.6 percent this month as of Tuesday's close, with a good chunk of those gains coming after the Fed announced QE3.
However, Kotak warns global monetary stimulus measures "are unlikely to result in any material impact" on Reliance's core businesses.
Kotak adds refining margins could worsen over the next two to three years due to "large" capacity additions in the Middle East and Asia while chemical margins will "continue to be subdued."
"We would use the unwarranted euphoria to sell the stock", Kotak concludes.
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