IDFC cuts RIL to 'neutral' citing valuations
MUMBAI (Reuters) - IDFC cut its ratings on Reliance Industries(RELI.NS) to 'neutral' from 'outperform', citing valuation concerns after a recent rally in shares of the energy conglomerate.
The brokerage said Reliance's current share prices are already factoring in "healthy" gross refining margins, better petrochemicals spreads and a rise in exploration and production volumes.
Reliance on Friday posted its first profit increase after four quarters of declining returns, buoyed by improving margins in its core oil refining business.
Reliance shares were up 3.5 percent at 932.3 rupees as of 10:49 a.m.
(Reporting by Manoj Dharra and Abhishek Vishnoi; Editing by Rafael Nam)
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
Trending On Reuters
Apple Inc quarterly results smashed Wall Street expectations with record sales of big-screen iPhones in the holiday shopping season and a 70 percent rise in China sales, powering the company to the largest profit in corporate history. Full Article | Related Story