Thursday, 6 November 2008

RIL may continue to underperform: Irani

Mehraboon Irani, VP, PMS, Centrum Broking is of the view that Reliance Industries may continue to underperform and be a little under pressure in the near-term.

Irani told CNBC-TV18, "I have been expecting for quite some time that Reliance should be an underperformer and I was surprised the way the share shot up sharply in the last few days. So the way the stock has faulted over the last two days, I am not too surprised. I personally feel Reliance should possibly find its base sooner rather than later. I do not expect the stock to be a great outperformer because there are problems as far as refining margins and other things goes for the company. But being of the large size that the company has if somebody asks me whether one should sell into a Reliance my answer would be no because for the longer-term a stock like Reliance is something which should be there in the portfolio at least at the present price one should not be exiting. But I was expecting this stock to be an underperformer for the last few months and I think the stock may continue to underperform and be a little under pressure in the near-term."

Source: Moneycontrol

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