Reliance Industries Ltd has announced that a meeting of the Board of Directors of the Company will be held on July 20, 2012, to consider and approve the unaudited financial results of the Company for the quarter ended June 30, 2012 (Q1).
Nomura's Indian arm has upgraded Reliance Industries Ltd. to "buy" from "neutral", saying that exploration and production risks have already been priced into stock valuations and that a weak currency will help boost earnings.
The ongoing share buyback will also limit any downside on the stock, Nomura said.
The Japanese brokerage marginally reduced its target price to Rs 860 from Rs 870.
RIL shares were up ~2% today at Rs 727.
RIL's net profit is expected to drop Year-on-Year during Q1 FY13, falling for a third successive quarter as margins in its core businesses of refining and petrochemicals continue to be under pressure.
However, higher other income could give some boost to the company's profit.
RIL derives other income from treasury operations.