Market bellwether Reliance Industries' Q1 FY10 results have
come in as a disappointment. Experts see the stock correcting on Monday. SP Tulsian of sptulsian.com sees the stock falling by Rs 175-200 on Monday, while Deepak Pareek of Angel Broking expects the stock to open 3-4% lower. The stock has a weightage of 12% on the Nifty leading to fears that it will pull the market down. India's largest private refiner's standalone net profit declined by 11.5% to Rs 3,636 crore from Rs 4,110 crore in the same period of last year. Standalone net sales slipped 22.9% to Rs 32,055 crore versus Rs 41,579 crore year-on-year. Earning before interest, tax, depreciation and amortisation fell 3.3% to Rs 5,921 crore from Rs 6,121 crore. Operating profit stood at Rs 4,293 crore and standalone petchem revenues declined 22.4% to Rs 11,540 crore from Rs 14,871 crore last year.Gross refining margins have come in at USD 7.5 per barrel as against the street's expectations of USD 8-8.5 per barrel.