Expect more surprises for Reliance going ahead: Edelweiss' Jal Irani

In an interview to CNBC-TV18, Jal Irani, Oil & Gas Analyst at Edelweiss Financial Services shared his readings and outlook on Reliance Industries Q4 numbers.

He said that the market was valuing the telecom business negatively. However, the street is factoring Rs 480 per share for the telecom business currently, he added.

We are not making any material change in Reliance's gross refinery margins (GRMs) estimate for next two quarters, said Irani.

However, expect improvement in Reliance's GRM by USD 1-2/bbl over the next two years, he said.