Reliance Industries - Chugging along nicely - Kotak

RIL reported 2QFY14 net income at Rs. 54.9 bn (+1.5% yoy, +2.6% qoq), modestly ahead of our estimate of Rs. 54.2 bn. We retain our BUY rating on RIL stock with an SOTP-based target price of Rs. 980 noting relatively inexpensive valuations at 10.2X FY2015E EPS (adjusted). We expect RIL to hold up relatively better over the next 12 months in case of any correction in the Indian market on (1) macroeconomic concerns and (2) political uncertainty.

Source : Equity Bulls

Keywords