Commenting on the release of Reliance Industries Q4 FY19 results on April 18, Abhijeet Bora, Senior research Analyst at ShareKhan said they expect the the stock would positively react on April 22.
Bora said that the company’s refinery segment had a good Gross Refining Margin (GRM) of $8.2, which is substantially higher than Singapore’s GRM.
“The consumer-centric business has remained flat, but the margins have surprised and on the core business front, it was expected that the margins on the refining business would come down,” said Bora
Market expert SP Tulsian said that although the major disappointment has come from the refinery segment, profit booking will not be ruled out in the stock prices on April 22 over the strong performance by the retail and digital verticals.
“The new generation business of retail and digital has done exceptionally well. So yes maybe the market may probably take a pause, and profit booking will not be ruled out in the stock prices,” he said.
“There has been a fall of Rs 900 crore on a sequential basis on an EBIT level. Petchem has also disappointed by 3 percent, which was more or less expected. But the major disappointment has been seen on the refinery level.”
Source: CNBC-TV 18
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