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Investments in Indian Equity and Research => Equity Investments, Fundamental Research and Sectors Review => Sensex and Nifty Company Analysis => Topic started by: resh on June 22, 2012, 09:23:43 AM

Title: Reliance Cut to UnderPerform by BOFA-Merrill
Post by: resh on June 22, 2012, 09:23:43 AM

FII and America's Largest Bank BOFA-Merrill has downgraded Reliance Industries to Underperform with the following note.

Quote

There is a downside risk tovFY13 earnings (8% YoY growth currently assumed) and RIL’s fair value. We prefer strong growth stories like Cairn India and attractive E&P stories like BPCL in Indian oil and gas to RIL. We cut RIL to Underperform from Neutral.

New Target Price is Rs 710