IDFC cuts RIL to 'neutral' citing valuations

MUMBAI Mon Jan 21, 2013 10:49am IST

A woman walks past a poster of Reliance Industries installed outside the venue of the company's annual general meeting in Mumbai June 7, 2012. REUTERS/Vivek Prakash/Files

A woman walks past a poster of Reliance Industries installed outside the venue of the company's annual general meeting in Mumbai June 7, 2012.

Credit: Reuters/Vivek Prakash/Files

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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)

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