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  1. Reliance Industry gains; BNP upgrades to ‘buy’, raises target

Reliance Industry gains; BNP upgrades to ‘buy’, raises target

Shares in Reliance Industries gain 0.5 pct...

By: | Updated: March 18, 2015 10:45 AM
Reliance Industries, RIL,  BNP Paribas,  BNP Paribas india,  BNP Paribas mutual funds, business news, india latest news, indian market

Shares in Reliance Industries gain 0.5 pct. PTI

Shares in Reliance Industries gain 0.5 pct.

BNP Paribas upgrades stock to “buy” from “hold”; raises target price to 980 rupees from 911 rupees.

“We see limited downside from the current level as earnings strength should offset uncertainty with regard to the telecom investments,” it says in a report.

Reliance is now past major capex plans and looks poised for earnings growth led by its core segments – BNP.

Strength in refining margins, driven by gasoline, combined with cost benefits to refiners now seem sustainable – BNP.

“We expect GRM at $9/bbl in FY16 and $10.2/bbl for FY17,” it says.

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