Buy Reliance Industries, target of Rs 1050, says Baliga

According to Independent Analyst, Ambareesh Baliga, one should look at buying Reliance even at current levels.

Baliga told CNBC-TV18, “Refining margins of Reliance Industries would again be much better than what we saw like in the September quarter. In petchem margins, you will see a turnaround after seeing a low in the September quarter. So, overall the results should be good.”

Baliga added, “Gas pricing will be a major trigger going ahead along with the telecom rollout. So even at these levels one should look at buying Reliance. Infact, I have a price target of about Rs 1,050-1,100 possibly by September-October this year."

Reliance Industries will announce its results for the third quarter of current financial year 2012-13 on Friday. Investors will closely watch Reliance's results after better than expected refining margins reported by Essar Oil yesterday.