We believe long-term investments in upgrading the refining complex and increasing the petrochemicals capacity are long-term positives. Hence, we assign BUY rating on the stock with a TP of Rs1,584 (SOTP valuation). Strong core operating performance RIL reported highest quarterly profit (12.8% YoY) in Q4FY17 on a standalone basis led by strong GRM (USD11.5/bbl) coupled with lower finance charges (60% YoY) and lower tax rate of 18.5% (24.5% in Q4FY16). gross refining margin (GRM) improved to USD11.5/bbl from USD10.8/bbl in Q4FY16. RIL's GRM premium over Singapore complex GRM widened to USD5.1/bbl from...