RIL refining cycle outlook subdued: Kotak Securities

Kotak Securities sees a "subdued outlook" for Reliance Industries' refining and chemical cycles over the next 12-18 months, given unfavourable global supply-demand balance.

Kotak says higher proportion of other income in the earnings "will keep ROEs suppressed" in the near term.

The brokerage said in a note that it also see risks to growth in global oil demand from potential slowdown in the global economy.

Kotak says upstream segment unlikely to surprise positively, rules out any revival in production till FY2015 given lack of progress on development activities for satellite fields.

At 12.30 p.m., shares down 1.51% at Rs 767.80.