IDFC cuts Reliance Industries to 'neutral' citing valuations

Mon Jan 21, 2013 10:43am IST

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MUMBAI, Jan 21 (Reuters) - IDFC cut its ratings on Reliance
Industries Ltd 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 3.75 percent at 934 rupees as of
0512 GMT.

 (Reporting by Manoj Dharra and Abhishek Vishnoi; Editing by
Rafael Nam)
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