 "Kotak says not time for optimism about RIL")
Kotak Institutional Equities maintains its "reduce" rating on Reliance Industries Ltd, saying investors are over-estimating the impact from a potential gas price hike and the value creation from its capital spending plans.
The brokerage says a potential gas price hike is already factored into consensus estimates, while noting it will take time for the company to capitalise on its investments in its core refining and petrochemical businesses or its telecom and shale gas units.
Kotak also says the continued decline in KG D-6 gas production is another concern.
Reliance shares down 2 percent as of 2.52 pm.
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