 "HSBC cuts target for RIL on lower gas output, stock down")
HSBC has cut the target price for Reliance Industries (RIL) to Rs 800 from Rs 870 while maintaining a ’neutral’ rating as it expects gas production to decline and reach half its previous peak of 60 mmscmd before ramping up.
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It did not expect petrochemical margin to improve in the near-term, given the weak demand outlook and saw continued fall in gas production with no maintenance work planned to arrest the decline, HSBC said in a note.
It also expects RIL to report sequentially lower earnings in the next two quarters. At 3:00 pm, shares were down 1.4 percent at Rs 737.50.
Reuters
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