Reliance Industries - A nice INR hedge - Kotak

We upgrade the RIL stock to BUY from ADD with a target price of Rs. 980, noting favorable reward-risk balance amid the current upheaval in the Indian stock market. The recent contraction in refining margins notwithstanding, we expect a weaker Rupee to aid RIL's profitability in the medium term. RIL's refining and chemical businesses trade attractively at 5.6X FY2014E EBITDA, which is expected to grow meaningfully over the next three years, led by core-business expansion.

Source : Equity Bulls

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