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
- UPDATE 6-Obama warns on Crimea, orders sanctions over Russian moves in Ukraine
- CEO in apparent suicide was bitcoin fan, had other issues, too
- RPT-With Crimean appeal, Putin goes head-to-head with West over Ukraine
- Man called Bitcoin's father denies ties, leads LA car chase
- Privacy groups ask regulators to halt Facebook's $19 billion WhatsApp deal
The Nifty rose to a record high, and the benchmark BSE Sensex hit its record for a second consecutive session, as foreign investors bet big in a country that just months ago was gripped by market turmoil. Full Article