Early Q3 trends are encouraging given 1) gas to oil switch has led to sharp recovery in GRMs (Singapore GRMs at over USD7/bbl vs USD3.8 in Q2) 2) higher gas realization in H2 are at USD6.13/mmbtu (H1 USD3.62) and 3) festive demand will drive retail profitability. Further launch of 5G Jio Phone will accelerate digitization and drive customer shift from 2G. Also recovering economic activity augurs well for all RIL's business segments and downstream focus will create value, going ahead. We believe RIL is well positioned to incubate new business and pursue inorganic opportunities with...