CS On Reliance Ind
Neutral, TP Cut To Rs 1150 From Rs 1400
Cut FY21/FY22 EPS By 11%/5%
Expect Refining Demand To Be Weak For Next 2 Qtrs
Do Not Expect Material Recovery In Refining Margins
Build In Lower Margin For Retail Segment Too
For Jio, Price hike To Be Delayed To H2FY21