Buy Reliance Industries (RIL) with long term view, says Mehraboon Irani, Centrum Broking.

Irani told CNBC-TV18, "What is happening in RIL in the recent past in the last 2-3 days has been mainly because of the fact of the discovery of another block. Another point is that an out of court settlement, which you and I don’t know about. But I personally feel that Reliance, what we have been discussing for quite some time is the reduction in the net refining margins, which every one knows which will remain under pressure for some more time to come which according to me will be off set by the increase in petrochemical margins and more important is the increase in gas volumes should be the immediate trigger for Reliance."

He further added, "It may remain a little bit of an underperformer in the shorter run; could come down by about Rs 100-200 as and when the market corrects. This is a lovely long term story, this is a stock which is a must in any investors portfolio, if the investor is going to feel disappointed in the short story may need not feel disappointed, it’s a lovely longer term story. But in the short term I wont be surprised if it remains an underperformer despite the fact that one or two decent announcements, that could be a trigger and I am not disputing it. If I am going to buy, I am going to buy from the longer term angle, this stock will be in a different orbit in the next 18-24 months.”