 "oil")
The current weak environment for refining and petrochemicals holds a 15 per cent downside risk to Reliance Industries' (RIL) estimated FY20 earnings, brokerage firm JP Morgan said in a note. Analysts said there could be more cuts to estimated earnings if the expected IMO 2020 regulations disappoint.
The analysts added a 12% to 20% tariff hike could help offset the core business. "Though there are no signs of tariffs moving higher anytime soon," they said. In addition, the brokerage expects the downside risk to be lower at 9 per cent, if refining margins rebound.
"At spot refining and petchem margins,
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