On account of strong growth in profitability over the next couple of years, improvement in refining margins, resolution of uncertainties associated with redeployment of cash flows, RIL(Reliance industries limted) can be viewed positively. Moreover, given valuations of 1.9 xs FY2O12E P/By, the company is relatively undervalued. We maintain a buy on RIL(Reliance industries limted), with a target price of Rs.1260, translating into good upsides from current levels.
By Angel Broking
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