PN Vijay`s view on Reliance

Reliance should probably stabilize around current level, says PN Vijay, Portfolio Manager, www.askpnvijay.com.

Vijay told CNBC-TV18, "Reliance should probably stabilize around this level or maybe another Rs 20-30 down, whereon Rs 950 or so. Reliance is a typical case cash rich company growing into a fairly risky business where the risk are not fully dimensioned by the market and the refining and petrochemical are mature businesses, which can be easily predicted. A gas may have used a huge upside than bit of downside, so we have to live through that." He further added, "Reliance is no longer a safe heaven that it used to be, they have a fabulous war chest. They have got this great agreement with Shell, which sort of ensures the future success of the gas enterprise. So I won