Buy Reliance Industries, says Prayesh Jain

Prayesh Jain, Oil & Gas Analyst at IIFL told CNBC-TV18, "For Reliance Industries, the results are not something to be watched out or the markets anticipate a lot about Reliance Industries. They cannot be too here and there, this quarter results again were not too much off the line. For us they were slightly below our estimates especially on the refining side."

"Overall the sense that we got from the management is that their key projects that are likely to double the EBITDA from the petchem and refining segment in the next two to three years are on course and they are all set to commence production from Q4 FY16 whereby FY17 will see a bump up in their profitability on both refining and petchem side. So, that is something that we took ahead and we have maintained our buy recommendation on the stock," he said.

Disclosure: Network 18, which publishes moneycontrol.com, is now part of the Reliance Group