RIL shares have declined 58% from a high of Rs3,220.85 on 14 January. On Friday, the shares dipped 0.81% to Rs1,349.25 on the Bombay Stock Exchange, while the bellwether Sensex rose by 0.23%.
Analysts Varatharajan Sivasankaran and Avishek Datta of Reliance Equities, a brokerage owned by Anil Ambani, Mukesh Ambani’s estranged younger brother, wrote in a 25 November report that they were cutting their earnings-per-share estimate on RIL by 17.1% for fiscal 2009 and by 33.4% for the next year “to factor in lower petrochemical and refining margins along with a delayed start-up of RPL’s refinery and KG-D6 gas (now assumed to start from April 2009).”
RIL has 42 oil and gas discoveries, and while reserves have been declared for just 24 , the remaining 18 discoveries could spring a positive surprise, the analysts added.
Tags - Find More Articles On: