Buy Reliance Industries For Short Term: Nirmal Bang

Nirmal Bang, one of the leading equity research-cum-broking house, has recommended a buy on Reliance Industries Ltd with a target of Rs 965 in the short term.

The report further stated that, if the counter is successful to breach Rs 970 levels, then it will create a huge breakout.

The stock has strong support at Rs 897.

Today (Sep 30), the shares of the company opened at Rs 907 on the Bombay Stock Exchange (BSE). Current EPS and P/E of the stock stood at 30.35 & 30.16 respectively. The share price has seen a 52-week high of Rs 2490 and a low of Rs 930 on BSE.

The beleaguered Dabhol power facility will start purchasing natural gas from RIL from October 1 to slash electricity generation rate at India's biggest gas-fired division.

``Yes, we will start taking (RIL`s) KG-D6 gas from October 1``, said A K Ahuja, managing director (MD) of Ratnagiri Gas and Power (RGPPL).

RGPPL operates 2,150 MW power facility and neighboring LNG receipt plant in Ratnagiri region of Maharashtra.

The administration has more than doubled RGPPL`s allotment from KG-D6 to 5.67 million standard cubic meters on a daily basis that will help produce around 1,000 MW of electricity.

RIL on Sep 17 stated that its Petroleum Trust has lifted funds of Rs 31.88 billion by selling 15 million company's equity shares to Reliance Industrial Investments and Holdings, a single beneficiary of the Trust.

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