Buy RIL, target of Rs 1914: Indiabulls Securities

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Buy RIL, target of Rs 1914: Indiabulls Securities

Indiabulls Securities Research has maintained its buy rating on Reliance Industries with a target price of Rs 1914. During Q2’09, net sales increased 39.8% yoy to Rs 447.8 billion on the back of a robust performance across all the segments, led by higher prices and improved volumes.

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Indiabulls Securities Research has maintained its buy rating on Reliance Industries with a target price of Rs 1914 in its October 31, 2008 research report. "During Q2'09, net sales increased 39.8% yoy to Rs 447.8 billion on the back of a robust performance across all the segments, led by higher prices and improved volumes. We have revised our estimates to consider the recent fall in crude oil prices and its subsequent effect on feedstock prices. At the current price of Rs 1,371, the stock trades at a forward P/E of 11.1x and 8.9x for FY09E and FY10E, respectively. Based on our SOTP valuation, we have arrived at a target price of Rs 1,914. Hence, we maintain our Buy rating on the stock," says Indiabulls Securities' research.

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