Emkay Global Financial Services has maintained 'Accumulate' on Reliance Industries (RIL) with target price of Rs 982 as against current market price (CMP) of Rs 960 in its report.

Commenting on the investment rationale, the stock broker said, ''Results came in-line, with net profit at Rs 56.3 billion, up 2.2% qoq, while EBIDTA at Rs 83.3 billion, grew by 9.3% on qoq, on better refining performance.

GRM surprised positively against consensus estimates at USD 8.6/bbl, mainly due to improvement in light and mid distillates cracks. GRM for the quarter stood at USD 9.3/bbl vs. USD 7.6/USD 10/bbl qoq/yoy

As expected the petchem EBIT declined by 1.3%qoq to Rs 20.9 billion, due to lower volume (mainly PE, MEG) and weak fibre intermediate margins. KGD6 vol at 13.6mmscmd vs. 12mmscmd qoq. Currently, KG production at 12.8mmscmd

With expected improvement in RIL's business profile in the next 2 years, potential upsides from positive developments in E&P and attractive valuations, we maintain Accumulate, with a target price of Rs 982.''

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