IDFC cuts Reliance Industries to 'neutral' citing valuations

Mon Jan 21, 2013 10:43am IST

Related Topics

Stocks

   

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)
FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Coal Block Allocation

Coal Block Allocation

Government urges Supreme Court to not cancel some 'illegal' coal mines  Full Article 

Modi in Japan

Modi in Japan

Japan and India agree to boost strategic ties at summit  Full Article 

Basel III Norms

Basel III Norms

RBI amends Basel III guidelines for banks  Full Article 

HSBC PMI

HSBC PMI

Factory activity expands at slower clip in August.  Full Article 

Current Account

Current Account

Balance of payments surplus for third straight quarter  Full Article 

India Infrastructure

India Infrastructure

RBI rule handicaps India's infrastructure hopes  Full Article 

Book Talk

Book Talk

Reema Abbasi and a glimpse of Pakistan’s Hindu past  Full Article 

China Economy

China Economy

Retreat in China's PMIs heightens calls for policy easing.  Full Article 

Managing Share Sales

Managing Share Sales

Govt seeks bids from banks to manage PFC, REC share sales   Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage