Buy Reliance Industries: Prayesh Jain

Prayesh Jain, analyst at IIFL told CNBC-TV18, "We have a buy recommendation on Reliance Industries with a target price of around Rs 1027 and this has been a call for pretty long time now and the key reason is, while there are lot many ambiguities around the gas price hike whether it will come, whether it will not come with bank guarantees, without bank guarantees, there are lot many ambiguities around."

"We believe the core business of refining, the petrochemicals will add substantial value and will be earning accretive over then next couple of years substantially. That would be the key driver and that is where the focus should be of the markets rather then just around the E&P business which currently accounts for all around 1.5-2 percent of the stand alone revenues and around 10 percent at the earnings before interest and tax (EBIT) levels. So, the major drive or major trigger is from the core business of the refining and petrochemicals," he said.