Reliance Comm may rally to Rs 110- 120: Baliga

Baliga told CNBC-TV18, “ADAG group news is still a rumour and this is exactly what I have been saying for the last three-four months that the only company in that group which could be taken over possibly by the Mukesh Ambani group would be Reliance Communications because their interest lies in telecom. So from that point of view it makes sense for those who can take that risk of buying a stock like RCom because in case that happens the upside could be about Rs 110- 120.”

He further added, “I doubt Pantaloon Retail can move up too much from here because the question is how to interpret that, I mean hold back or scrap. I think at least for the time being it means the same because holding back means at least its delayed by another four-six months so I don’t see pantaloon moving up at least in the next two-three months. I think again people need to start talking of FDI which is quite far away.”