The cut in FY09-FY10E EPS due to the D6 gas output delay is likely to be around 4-9%.
D6 gas output is now likely to start by end-November 2008 as against the earlier expectation of 2Q08.
OTHER HIGHLIGHTS
Benchmark Singapore GRM at US$5.4/bbl is down 15% YoY
Q2 profit growth expected to be in the range of 7-8%
Petrochemical margin expected to remain muted for full year
FII Shareholding
Sept 2008 16.97%
June 2008 17.11%
March 2008 17.83%
Dec 2007 18.72%
Sept 2007 20.64%
TECHNICAL VIEW
Reliance trading at lowest level seen in February 2007
Trading below 200-DMA since May 9, 2007
Reliance traded above 200-DMA from May 2005
Annualised volatility increased to 74.64 in futures market
Price Performance
Reliance Ind Sensex
1 Month -28% -10.71%
YTD -52% -43.40%
From 52-week high -57% -50.40%
VALUATION
PE at FY09 PE for FY10
At current Price 12.11x 7.75x
One mth back 16.91x 10.83x
YTD 28.26x 18.56x
From 52-week high 25.27x 16.18x
Brokerage EPS FY 09Estimate
Now Earlier Change
CLSA 120.50 124.00 Down
ENAM 106.70 111 Down
Macquarie 109.54 115.50 Down
Motilal 111.80 109.90 Up
Kotak 105.80 97.40 Up
Credit Suisse 103 114 Down
JPMorgan 115.87 119.41 Down
Edelweiss 104.90 100.20 Up
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