IDFC cuts Reliance Industries to 'neutral' citing valuations

Mon Jan 21, 2013 10:43am IST

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A statue of the Ganesh, the deity of prosperity, is carried in a taxi to a place of worship on the first day of the ten-day-long Ganesh Chaturthi festival in Mumbai August 29, 2014. REUTERS/Danish Siddiqui

Ganesh Chaturthi

During Ganesh Chaturthi idols will be taken through the streets in a procession accompanied by dancing and singing, and will be immersed in a river or the sea in accordance with Hindu faith.  Slideshow 

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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