Buy Reliance, target of Rs 1710: Sharekhan

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Buy Reliance, target of Rs 1710: Sharekhan

Sharekhan has maintained its buy rating on Reliance Industries with a target of Rs 1710. At the current market price of Rs 1349, the stock trades at a price/earnings ratio of 10.3x FY2010E consolidated earnings and enterprise value/earnings before interest, depreciation, tax and amortisation of 7.1x FY2010E.

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Sharekhan has maintained its buy rating on Reliance Industries with a target of Rs 1710 in its December 19, 2008 research report. "At the current market price of Rs 1349, the stock trades at a price/earnings ratio of 10.3x FY2010E consolidated earnings and enterprise value/earnings before interest, depreciation, tax and amortisation of 7.1x FY2010E. Considering the fully diluted equity, the price target works out to Rs 1,710 per share. We maintain our Buy recommendation on the stock," says Sharekhan's research report.

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