Reliance Industries a good bet: Rajen Shah

Reliance Industries (RIL) is a good bet at the current levels with a very strong upside, says Rajen Shah, CIO Angel Broking.
 
Shah told CNBC-TV18, "I have been bullish on Reliance Industries for quite a while, it went up to Rs 940, has come down to Rs 772 levels. It is now very close to hardly about 7 percent above the buyback price of Rs 725-730 and at hardly 11 times the next year earnings, the stock looks very interesting."
 
"I am expecting a very strong growth in the next few years for Reliance, bottom-line growth of at least 15-17 percent is expected over the next three-five years. And it could be more than that if the gas pricing works in its favour. Plus the retail business also may be growing at a very strong growth, we are going to see 35 percent plus kind of growth in the retail business of Reliance."
 
"I am talking about the retail business not the petrol pump business. Even that is going to see a take off because so far most of their petrol pumps were shut because they were not able to compete with Oil marketing companies (OMCs). However, now with diesel decontrol happening over the next 18 months that also should do very well. So, Reliance is one stock which I would undoubtedly bet on at the current levels of Rs 772 with a very strong upside."