RIL under pressure ahead of earnings result on Friday

Reliance Industries remains under pressure ahead of its earnings results due out on Friday. Doubts about how much natural gas can be extracted from Reliance's KG D6 blocks, and worries over its refining margins, as well as its usage of cash, have led to a string of analyst downgrades in recent weeks.

[caption id="attachment_277195" align="alignleft" width="380" caption="Top-ranked analysts from StarMine are much more pessimistic about Reliance's upcoming earnings. Reuters"][/caption]

Top-ranked analysts from StarMine are much more pessimistic about Reliance's upcoming earnings, forecasting a fiscal fourth quarter net profit of Rs 4,258 crore, nearly 7 percent below the wider consensus forecasts.

Operating profits are seen at Rs 6897 crore by this select group, 2.7 percent below consensus estimates, according to StarMine's SmartEstimates.

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Shares of Reliance Industries were down 0.3 percent in afternoon trading. Shares have fallen about 8.5 percent since the beginning of March, compared with a 3.3 percent fall in the broader Nifty index.

Reuters