Recommendation Sell
Current Market Price (Rs.) 160.05
Target Price (Rs.) 136.00

We believe that the long delay in resolving the gas sharing dispute between Reliance Industries and Reliance Natural Resources Limited (RNRL) is likely to affect the 10.3 GW planned power capacity of Reliance Power Limited and we recommend to pare exposure in this stock with a target price of Rs.136. The gas based power project of Reliance Power was intended to meet the entire gas requirements from RNRL, a group company under the ADAG fold. However, the expected gas supply from RNRL continues to be in limbo as the dispute between Reliance Industries and RNRL is not yet over.

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