>Reliance(HSBC)

Maintain Overweight rating while adding a (V) indicator;
cut target price from INR 2,945 to INR 2,160

Although on track vis-à-vis its own guidance, the schedule
for two key projects is short of our expectations

Cut our FY09e and FY10e EPS by 28.7% and 15%, respectively,
to account for dilution of equity base; it still translates into 82%
absolute growth in EPS over FY08-11e

Reiterate Overweight rating and add a (V) indicator, cut
target price to INR2,160 from INR2,945 due to the market
derating, softer margins and equity dilution

Read full report here Reliance(HSBC)