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January 11, 2001 		Feedback  
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Reliance cracker margins rise

Reliance Industries' cracker margins surged 27 per cent and polyester margins were up 11 per cent. RIL's January 2001 cracker and plastic stream margins have surged by 27.2 per cent year-on-year and 16.6 per cent month-on-month.

Owing to the 7 per cent fall in naphtha costs in the international market, the polyester margins also went up to 10.7 per cent year-on-year and 20 per cent month-on-month, according to research by JP Morgan.

The minor stream polyvinyl chloride margins also went up 33.1 per cent and 0.08 per cent respectively. RIL sells a significant proportion of its products in the spot market, while it purchases a bulk of its naphtha on long-term contracts.

"Higher capacity utilisation and efficiencies should drive RIL's profitability up, ahead of a margin expansion. RIL compares favourably both from a regional and fundamental valuation perspective," said an analyst from JP Morgan.

UNI

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