Nomura tags Reliance 'Buy' at Rs 1,640, sees 26% upside on refining margin tailwinds
Nomura flags structurally higher refining margins from a Hormuz blockade risk and Ukraine strikes on Russian refineries, projecting Rs 77,000 crore Ebitda impact per $10/bbl. OMCs like IOC, HPCL and BPCL and city gas distributors face margin pressure from elevated crude costs.
Nomura issues 'Buy' on Reliance Industries with Rs 1,640 target, citing structurally higher refining margins from Hormuz blockade and Ukraine strikes on Russian refineries. OMCs and city gas distributors face margin pressure from elevated crude costs.