Reliance Industries (Q2 FY08) - Much stronger than expected: BUY

Reliance Industries (Q2 FY08): Much stronger than expected

CMP Rs2,575, BUY

Target price Rs2,757, Upside 7.1%

ä Refining segment reports robust revenue growth and margin expansion on higher throughput, and record GRMs of US$13.6/bbl.

ä Expansion in petrochemical margins a positive surprise.

ä Firm refining margins and commencement of production of gas from KGD6 in Q2FY09 to drive future growth.

ä &nbsp ; Formula for gas pricing resolved, a sigh of relief.

ä 15 more prospects identified in deeper areas of the block to explore upside potential.

ä We recommend a BUY with a sum-of-parts target price of Rs2,757.

Click below for Result Update on Reliance Industries

http://www.indiainfoline.com/adserver/InverstorReport_relindusty_191007.asp

Warm Regards,

India Infolin e Research Team

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