Reliance Industries (Q3 FY08): Refining all the way
CMP Rs2,996, BUY
Target price Rs3,316, Upside 10.7%
ä Refining segment reports robust revenue growth and margin expansion on higher realization and record GRMs of US$15.4/bbl.
ä One additional discovery made in the quarter, filed field development plan for NEC-25 and MA oil field. Also received approval from DGH for Sohagpur CBM field development plan.
ä Reliance Retail expanding its foot print through launching of new stores and new formats.
ä Profit was higher on account of profit on stake sale in Reliance Petroleum Ltd (RPL).
ä Firm refining margins, commencement of production of gas from KGD6 in H2 FY09 and additional discoveries to drive future growth.
ä We recommend a BUY with a sum-of-parts target price of Rs3,316.
Click below for the detailed update on Reliance Industries Ltd.
http://www.indiainfoline.com/adserver/InverstorReportREL180108.asp
Warm Regards,
India Infoline Research Team
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