RIL - Rupee first, operations next - Kotak

We raise our EPS estimates for RIL by 4-6% for FY2014-17E and fair value by 6% to reflect (1) weaker Rupee assumptions and (2) higher domestic gas price at US$10/mn BTU in the long term.

We retain our ADD rating on RIL stock with a revised 12-month forward TP of `920 (`870 previously). (1) Better visibility on new E&P development, (2) timely completion of new projects and (3) value creation in non-core businesses will drive stock performance in the medium term.

Source : Equity Bulls

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