Sell Reliance Industries Ltd.
Target price Rs815.00
CM Price Rs982.00
Tempering E&P expectations
We reduce our expectations on volumes and profitability of KG-D6 oil/gas and, thus, marginally lower our net profit estimates for RIL despite some upside to its refining and petrochemical margins. Net debt has also remained well above our estimates despite lower capex. We maintain Sell, with a Rs815 target price.