BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Reliance Industries Ltd.’s Q2 FY22 earnings per share was up 43% YoY driven by rise in Ebitda across segments and fall in interest cost.
October 2021-to-date Singapore gross refining margin is at 25 month high on Chinese refinery utilisation fall, demand rise on switch from gas to liquid fuels, and fall in U.S. and Asian auto fuel inventories.
RIL’s GRM lags Singapore GRM, but is at 21-month high. GRM strength is likely to sustain until March 2022 or even extend to FY23E especially if winter is severe, but there are headwinds, too.
Strong vaccination campaign that means no or muted third Covid-19 wave may see retail Ebitda at a new high in Q4 FY22E.
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