According to Pankaj Jain of SW Capital, one may buy Reliance Industries on dips.
Pankaj Jain of SW Capital told CNBC-TV18, "Reliance Industries is definitely a hold or a buy on dips. If you observe the kind of pattern Reliance Industries has shown in last two-three months even while the market was correcting, this stock was holding on. Something like Ashok Leyland, Infosys, NBCC these are few quality stocks which were showing that in spite of correctness in the market, the stocks are not going down and that shows the quality of the stocks. That shows the kind of stock behavior we may see in the stock in coming weeks and coming months."
"Last few quarters results have been pretty strong. Quarter three results were very strong. Most of their capital expansion has been done, refining margins continue to be strong. We have got lot many re-ratings from large numbers of foreign and domestic brokerage houses," he added.
"All the fingers point towards the rosy picture for Reliance Industries in coming quarters. So, we have a target price of closer to Rs 1,100 in next two quarters kind of thing that may be achieved much before that also. If you bought the stock at recent current prices there is nothing to worry about and give it about six months time and you will make decent money out of it," he said.
Disclosure: Reliance Industries has acquired management control of Network18, which owns TV18 Broadcast and moneycontrol.com.
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First Published on Mar 30, 2016 04:11 pm