Subdued Q3, few near term triggers to keep RIL stock under pressure

Debt reduction, gains from digital priced in

Lower-than-expected December quarter performance, lack of near term triggers and downgrades by some brokerages could keep the Reliance Industries stock under pressure. Though the stock is up 11 per cent from its lows in early November, it is still trailing benchmarks by a significant margin; the BSE Sensex is up 21 per cent during this period. 

The company’s consolidated revenues and operating profit were 6-16 per cent lower than analyst estimates largely due to the pressure in the standalone or the oil and gas business and weak retail revenues. 

The company has stopped reporting gross refining margins, and has clubbed