RPL at Rs.115/-??

Brokerage firm Bric Securities has downgraded the Reliance Petroleum neutral to underperform. After analysing the Gross Refining Margins of RPL it has estimated the target price of Rs.115. Due to the delay in commercial operation and down fall in crude prices including weaker growth. The brokerage firm is expecting that the capacity utilisation of RPL is low when it compared to already running refineries. The report is saying that FY09 earnings will be negatively effected. (thebullishtrends)