Reliance Industries: Price looks fine, but challenges persist :: Kotak Securities PDF link

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Reliance Industries: Price looks fine, but challenges persist
` Conflicting signals on use of cash; ongoing buy-back program positive,
others look negative
` Confusing news about the E&P segment
` Core chemicals and refining businesses continue to struggle
` Cut FY2013-14E earnings by 1-2%; retain REDUCE rating with a revised TP
of Rs800