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Reliance down 1% on Q4 earnings concerns

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Reuters Mumbai
Last Updated : Jan 21 2013 | 2:54 AM IST

Shares in Reliance Industries (RIL) lost 1.3%, with traders citing fears of weaker fiscal Q4 earnings due to falling refining margins and reduced output from its KG-D6 gas blocks.

Bank of America-Merrill Lynch warned Jan-March net profit would drop 20% year-on-year to Rs 4,290 crore, in a report dated on Monday, maintaining its "neutral" rating on the stock.

The brokerage also cut its earnings-per-share forecast for Reliance Industries for fiscal 2012 by 3% to Rs 61.2 and its price target on the stock by 2% to Rs 831, to also reflect higher-than-expected net debt.

RIL shares have endured a tough March due to profit concerns, losing 8.6% in the month, far above the 1.7% loss in the broader Nifty index.

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First Published: Apr 02 2012 | 1:32 PM IST

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