Reliance Industries best company to own, says Rajen Shah

Rajen Shah, Angel Broking says, "Reliance is best company to own at this point of time. Mr. Mukesh Ambani has turned out to be the best player since he is holding Rs 66,000 crore cash and today cash is king in the market, in this kind of crisis.

Shah told CNBC-TV18, "If one start investing in phases at this point of time somewhere you will catch the bottom. History has shown that the following two years have been very, very good for the investors if they are able to get around these levels. Returns have been fabulous."
He further added, "I remember last time at Rs 48 and 50 we bought Voltas. It came down to Rs 35. Escorts we picked up at Rs 70 came down to Rs 35 only to spring back to Rs 240 in 24 months. Even HCC Rs 33 was the price, Nagarjuna Construction I remember at Rs 48 was recommended and nobody was buying because the promoters have pledged their holding and the issue being raised was promoters are pledging their holdings but in fact they were so confident about the valuation at that point of time that they had pledged their holding and they were buying shares worth rupees. Stock went up to Rs 175-200 in matter of 24 months. So maybe this time it may take a little longer. I think as I said earlier the world is not coming to an end."
"These are great opportunities, when you are getting blue chips for threw away valuations you need to start certainly deploying funds. We have been hearing lot of pessimistic noises 11,000, 12,000, 13,000, but I think that the same voices were talking about 23 and 25 just about a year and a half back. I have never been bullish on Reliance, but I have turned extremely bullish on Reliance at this point of time. Reliance is best company to own at this point of time, because I think Mr. Mukesh Ambani has turned out to be the best player because he is holding Rs 66,000 crore cash and today cash is king in the market, in this kind of crisis. So every analyst was questioning why this money is not being efficiently deployed and all that, but I think Rs 66,000 crore cash in this kind of crisis, I think it's a great thing actually. But I think at Rs 720 levels, I have given a buy call on Rs 800, yes, I have gone wrong in the short-term, but I am very sure that Reliance should do exceptionally well over the next three-four years."