Reliance Industries' (RIL) diversification from its core businesses of refining and petrochemicals to retail and telecom has puzzled several analysts and brokerages. At least one of them, however, has been unafraid to say so. Depending on what they think, most brokerages either have a "buy", "sell" or "hold" rating on any stock, including RIL. However, Ambit Insights in its report after RIL's second-quarter results unequivocally stated: "We have 'No Stance' on RIL, as we believe the driver of the company's competitive advantage is beyond our understanding of the company's core business."
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