ä Throughput declines 15%yoy on account of a planned shutdown for a period of
one month
ä Inventory loss of Rs2.5bn and plunge in diesel spreads cause GRMs to fall to
US$1.7/bbl
ä Reports an operational loss of Rs533mn, probably first time ever
ä Net loss of Rs1bn as compared to net profit of Rs2.3bn in Q2 FY08
ä GRMs likely to remain under pressure as demand slows across the globe and
capacities come up in Asia and Middle East
ä Maintain BUY with a reduced price target of Rs191.

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