Buy Reliance Industries: Rajesh Agarwal

Buy Reliance Industries, says Rajesh Agarwal, Head - Research, Eastern Financiers.

Agarwal told CNBC-TV18, "In Reliance Industries it is a good entry point if one has a longer term view because considering the fact the refinery, this company has 66,000 crore cash on its balance sheet and debt free company trading at PE at around 10-12; it is really attractive. But in the short term there are concerns because of D6 gas production being lower or the CAG report or something like that and this overhang is going to continue for at least next one quarter or so."
He further added, "But we should not forget the kind of advance tax they have paid, Rs 900 crore is quite mind blowing. I think for longer term this is quite a good bet and these kinds of scenarios which give an overhang on a stock