Reliance Industries (RIL) Q2FY19 result was completely in line with expectation. Strong petrochemical performance was weakened partially by lower refinery profits. Further, higher rupee depreciation and lower treasury profits took a toll on interest expenses and other income. The company's total capex remained higher at Rs390 bn in Q2FY19, out of which Rs160 bn was invested for Jio and Rs130 bn for RIL standalone. The company also announced a strategic investment of Rs52.3 bn to acquire 66.5% and 51% stake in Den Network and Hathway Cable through preferential issue to accelerate JioGigaFiber business. We keep our estimates largely in line and TP unchanged to Rs1,200. We would wait for stabilization of capex at lower level and...