Tulsian retains Reliance Industries target of Rs 1050
Reliance Industries has target of Rs 1050, says SP Tulsian, sptulsian.com.
March 09, 2011 / 16:29 IST
Reliance Industries has target of Rs 1050, says SP Tulsian, sptulsian.com.
Tulsian told CNBC-TV18, "Since RIL struck a deal with BP for 30% stake at USD 7.2 billion. Since there has been positive indications coming in for the stock that they will be able to ramp up their production quite early, initially to 80 mmscmd, I took a view that should get ramped up by 30th September 2011. But looking to the indications or the announcements coming in today from DGH and saying that 67 mmscmd is likely to get increase by April. I hope that they should get the 80 mmscmd should get ramped up by June end because of the additional 4 wells getting added."He further added, "Maybe there will be early resumption of the target in production, which chairman has been stating in the last 3 AGMs, in speech and all that. Because 80 is the hurdle which needs to get achieved on a consistent basis in the past they have done that, so positive news for the stock. I think taking this into consideration because at that time only when the BP deal struck I took a price call of Rs 1050. Maybe in the next couple of months I want to stick to the same price target for the time being." Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
