RIL – Bleak Outlook
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• On 20th Jan 2012, RIL declared muted Q3FY12 results.
• Tried to cheer investors by announcing buyback of shares at a price of Rs. 870.
• Buyback is very negative, it is a cover up for bad result and in bear phase market the stock will not move above buyback price.
• The surprise was the sharp slide in the profits, "Other Income" in the current quarter constitutes 30% of the Profit Before Tax.
• RIL's refining margins fell to US$ 6.8/bbl a discount of US$ 1.1/bbl over benchmark Singapore GRM US$7.3-7.4/bbl. Lost its advantage of trading at a premium to Singapore GRM.
• Third quarter numbers indicate weakness across business segments and bleak future outlook for the company as a whole
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