How would you look at Reliance Industries and if possible, give us a view on whether or not you would look at the oil marketing companies at this point of time?

Unless there are any further discoveries, which are announced by the company, I do not see anything in the stock, which will take it to new heights. Yes, it has significantly underperformed the market but to say that it should move up for the market to move up is a wish not something, which is based on any particular reason for it to move up now.

Most of the factors that are known are in the price like I said the surprise can be if they were to announce new finds in oil or gas, which can obviously change the earnings profile.

On the oil marketing companies, our estimates are that even if you assume that oil would continue to drift down and they were to get into a situation where they have recovered all and perhaps a little more than they should from the consumers, even then the valuations are now factoring in most of the upside. So, you have to now assume that oil has to fall sharply and they do not reduce the prices for the consumers for you to make an upside from here.