Reliance Industries has target of Rs 1056: Anu Jain

Reliance Industries has target of Rs 1056, says Anu Jain, India Infoline.

Jain told CNBC-TV18, "Last time Reliance Industries went closer Rs 1,055 odd. Last time we were looking at a breakout which was above Rs 1,008-1,009. Now I would probably look at Rs 1,020 as a key level, if it can hold on to Rs 1,020 then obviously the first target would be Rs 1,056 closer to what we saw last time as a move, has to hold on to that because last time there was bad news, which came in at the same time and it got knocked down in one single day, holds on to that then you can look at higher targets closer to Rs 1,100-1,110 but as of now I think first target is Rs 1,020, manages to hold that then Rs 1,056."

The company's trailing 12-month (TTM) EPS was at Rs 59.95 per share. (Dec, 2010). The stock's price-to-earnings (P/E) ratio was 16.90. The latest book value of the company is Rs 392.21 per share. At current value, the price-to-book value of the company was 2.58. The dividend yield of the company was 0.69%.