KOTAK ON RELIANCE INDUSTRIES ; BUY | TP ₹1,500

• Strong refining and petrochemical margins support O2C outlook amid global supply disruptions. • Retail recovery depends on festive demand and returns from digital commerce investments. • FMCG expansion led by Campa and Independence offers growth opportunities. • Retail profitability remains a key concern.

RELIANCE INDUSTRIES LTD

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