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Indo Rama Synthetics: Festivities delayed…

Dec 14, 2004

Indo Rama Synthetics (IRS), the largest polyester manufacturer and exporter in the country, had recently announced poor results for the quarter and half year ending September 2004. For the quarter, while the topline declined by 10% YoY, the bottomline was down by over 40% YoY. Operating margins have also witnessed a sharp dip of 320 basis points during this period.

IPCL: Cyclical upturn to benefit

Jul 21, 2003

The petrochemicals cycle is on an upturn and is expected to reach its peak by FY05. IPCL, being one of the companies dealing in petrochemicals, is likely to benefit from this cyclical upturn. Post Reliance's acquisition, the company will also benefit from various other factors. Lets take a look at its business.

RIL: Realisations to the rescue

Oct 31, 2002

Reliance Industries Ltd. (RIL) has reported second quarter results for FY03 on amalgamated basis. Amalgamation with refining subsidiary, Reliance Petroleum Ltd. (RPL) was approved by authorities on September 19, 2002 with effect from April 1, 2001. Pending approval, results for the first quarter were on stand alone basis. Performance at the topline, compared to the previous quarter, has improved.

RIL: Consolidated numbers disappoint

Oct 9, 2002

The integrated petrochemical major, Reliance Industries (RIL), recently declared audited financial results for the year ended March '02. Post announcement the scrip has declined to Rs 240 levels after having clawed its way to Rs 270 levels in the previous month. The consolidated results have come in below street expectations. At time of unaudited results for FY02, the company declared consolidated profit at Rs 36.8 bn with per share earnings (EPS) at Rs 34.9.

RIL: Industry takes toll

Jul 31, 2002

As was expected, after Indian Petrochemicals Corporation Ltd. (IPCL) declared results over the weekend, turnover of Reliance Industries Ltd. (RIL) for 1QFY03 was likely to have come in lower than expected. The industry is likely to have suffered from lower offtake, which could have been impacted by the Gujarat riots. That said, RIL has just managed to grow topline for the concerned period.

Reliance: Can they make it work?

May 22, 2002

The acquisition of IPCL by Reliance seems to have got the street talking on the economic rationale backing the bid. Based on replacement cost, we believe the group has paid a sizable premium. However, valuations, like beauty, is a subjective issue and lies in the beholder's eyes.

Reliance: Giving it's all

May 20, 2002

Saturday's announcement by the Cabinet Committee on Disinvestments (CCD) must have yielded a sigh of relief from several participants. Privatisation of Indian Petrochemicals Corporation Ltd. (IPCL) had been hanging over the past three years with stock price plummeting after the first attempt fell through leading to many burning their fingers.

RIL faces the heat

Apr 23, 2002

Reliance Industries Ltd. (RIL), the flagship company of the Reliance group, has decalred its results for full year ending March '02. FY02 has been a tough year for RIL. The company was faced with lower realisations. Commodity prices were hit, as brakes were applied on global economic growth rates. The weakened domestic economy, which accounts for approximately 85% of sales, led to lower demand. Feedstock prices continued to remain volatile, especially in the second half of the fiscal.

RIL: Under pressure

Apr 23, 2002

Reliance Industries Ltd. (RIL), the petrochemical major, is set to declare results today along with its refining subsidiary Reliance Petroleum Ltd. (RPL). The companies are likely to declare separate results. The merger between the two companies is still pending High Court approval.

Petrochem: Improving prospects

Apr 19, 2002

Cyclicality in commodity businesses seems to have increased in the last five years. After recovering from the Asian meltdown in FY00, commodities cycle was once again hit by the economic downturn over FY02 triggered by the global stock market crash. As a result, the petrochemical cycle has exhibited similar volatility.

RIL: Goliath takes a hit

Jan 31, 2002

The weaker economic environment in the domestic market has taken a significant toll on the Indian petrochemical behemoth, Reliance Industries Ltd. (RIL). The company faced a subdued demand environment, both in the domestic and international markets. Petrochemical product prices have been sliding since start of the fiscal. Finally, increased competition in key segments has put further pressure on the business.

RIL: In choppy waters

Jan 12, 2002

Reliance Industries Ltd. (RIL) is set to announce its third quarter results for FY02 on the last day of January '02. While the nature of difficulties changed over the past twelve months, the company continues to operate under a challenging business environment.

Petrochem: Cyclicality blues

Jan 12, 2002

The petrochemical industry, like other commodities, has witnessed heightened volatility in prices. With globalisation and inter-linking of markets, hiccups in one part of the world are likely to be felt across the globe.

RIL: Petering pricing power

Jan 3, 2002

The business environment for petrochemical producers, especially downstream synthetic manufacturers, remains challenging. Reliance Industries Ltd. (RIL) recently announced product prices for the month of January '02, which indicated that pricing power in the industry continues to remain weak.

Petrochem: Trying times continue

Dec 26, 2001

Synthetic fibre manufacturers continue to face tough times in the current fiscal. Last fiscal, although consumption growth was respectable, higher feedstock prices did put pressure on margins. This time around, sluggish demand has adversely impacted downstream product prices resulting in margins remaining under pressure.

RIL: Fundamentals take back seat

Dec 7, 2001

Over the past few trading sessions, both the Reliance Industries (RIL) & Reliance Petroleum (RPL) scrips have been attracting immense interest. From the lows of September '01, the RIL scrip has bounced back by 52.4%, breaching the pre-September 11 levels this week. The BSE Sensex, over the same period, has run up by 31.1%.

RIL: Signaling entry into EPC?

Nov 20, 2001

The Reliance Industries Ltd. (RIL) scrip shot up dramatically in yesterday's trading session crossing the psychological barrier, if you will, of Rs 300. Investors took to the stock, as the management announced sale of stake in Larsen & Toubro (L&T) for Rs 306.6 per share to Grasim Industries Ltd., the A.V. Birla group major. Realisation per share was at a premium of 47% to L&T's last traded price.

RIL: Weakening fundamentals

Oct 31, 2001

At first glance, Reliance Industries Ltd. (RIL) seems to have reported a sharp drop in net sales of 26.1%. However, YoY effect is due to the inclusion of merchant sales in last year's numbers. Till last fiscal, RIL was exporting petroleum products for Reliance Petroleum Ltd. (RPL).

RIL: Margins under pressure

Oct 31, 2001

Reliance Industries Ltd. (RIL) is set to declare second quarter and half-yearly results for fiscal '02 this evening. We expect the company to report a marginal growth in topline not including merchant sales while post-tax profits are expected to be lower by 12%.

Petrochem: Subject to Middle East dynamics

Oct 5, 2001

The Middle East region controls a significant amount of the oil & gas reserves. Besides a handful of downstream petroleum and petrochemical companies these countries have largely flourished by simply monetising the natural resource. However, few countries are now planning to better utilize the resource at hand leading to greater monetisation through value addition.


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