Mumbai, Feb 6 (IANS): An equity research report by Credit Suisse said on Thursday that the financial services firm is 'neutral' on the performance of the Reliance Industries' (RIL) stock due to weakness in the refining and petrochemical cycle.

"We stay 'neutral' as we are cautious on the refining and petrochemical cycle and do not factor in substantial recovery over the next two years," the Credit Suisse report said, pegging the 12-month target price of RIL at Rs 1,400 per share.

On Thursday, the RIL stock closed on the BSE at Rs 1,457.65 a share, up Rs 9.60, or by 0.66 per cent on its previous close.

The report, however, said that the new hyperlocal store format would to aid RIL's "new commerce" initiative. It also said that 'Smart Point' stores have delivery points for JioMart orders.

"Smart Point stores are full-fledged grocery outlets (smaller version of large 'Smart' stores) and have dedicated delivery points for JioMart app orders. The customers on JioMart app will have the option to choose delivery via a nearby kirana store (same day delivery) or a Smart Point," it said.

These new stores offer a minimum 7 per cent discount on grocery and a minimum 10 per cent off on medicines, the report added.

The company had earlier announced its new commerce initiative, which was a grand plan of on-boarding kirana stores and digitising them via merchant point of sale (POS) machines.