CLSA on Reliance Inds
* Maintain Buy, Target `1275* Delay in downstream projects but growth story intact
* Delay in projects and higher capex drives a 6% cut in 17 EPS
* RIL expects commercial launch of Jio in 2H 2016
* Start of projects worth $30bn in the next 12 months is a catalyst
Deutsche on Reliance Inds
* Maintain Buy, Target `1175
* Strong refining margin drives highest ever quarterly profit in 4QFY16
* See EBITDA growth of around 45% over FY16 - 18
* Capacity additions in its core business and downstream will drive EBITDA
* Commercial launch of the telecom venture RJio over the next few months
Kotak on Reliance Inds
* Maintain Add, Target `1130
* Core earnings will grow robustly over the next two year on downstream
* EBITDA reflects strong refining and petrochemicals margins
* Moderate increase in reported net debt despite significant capital expenditure
Morgan Stanley on Reliance
* Maintain Overweight, Target `1329
* Beat driven by a better-than-expected performance of the Refining division
* GRM of $10.8/ bbl an impressive spread of $3/bbl over Singapore margins
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