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.


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Paper Products Ltd.

CM Price Rs.57.45

KEY HIGHLIGHTS
Paper Products Ltd. reported its Q4CY09 & CY09 results recently. Net sales and EBIDTA were in-line with our estimates while PAT was higher on lower depreciation. Net sales dipped by 5.6% while operating margins expanded on account of favorable product mix, fall in raw material prices and other cost control measures (control over forex losses).

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