2. Thus all those who follow global firm CITI can heed to advice related to Reliance as one can get better risk reward returns. They have considered its E&P value at Rs729, 40% premium to NAV thus factoring in meaningful reserve upside, also considered its stable refining margins (blended assumption of US$9.7-10.8 over FY10-11E), and roll fwd to Mar-10E with refinery/petrochemical business valued at 6x FY11E EV/EBITDA.
Click Here to Subscribe for Free Tips in Email