Reliance should hit Rs 1,000 by July: Angel Broking

Rajen Shah of Angel Broking feels the target of Rs 1,000 on Reliance should happen by July when it will declare the Q1 numbers.
 
Shah told CNBC-TV18, “The results of Reliance Industries have been as expected; in fact nobody was expecting good numbers. We had a buyback thing in the mind that if the management is putting this kind of money then things are going to improve for Reliance. I think results have been pretty good and with that the positive news of diesel being decontrolled; almost 65 percent of Reliance’s petrol pumps are shut because they are not able to compete with oil marketing companies, the public sector undertakings (PSUs). However, over the next 12-18 months we will see the reopening of that.”
 
“The gas pricing should be positive 2014 onwards. Retail business is likely to grow at 35 percent. They are talking about taking it to Rs 50,000 crore topline from the current year expectation of Rs 10,000 crore. I think everything is positive for Reliance. We had a target of Rs 1,000 for Reliance by December but that should happen by July itself when it will declare the Q1 numbers,” Shah added.