Stock market analyst Hitendra Vasudeo of stockmechanics.com maintained ‘Buy’ rating on Reliance Capital Ltd to achieve a medium term target of Rs 984.

According to Mr. Vasudeo, interested investors can buy the stock around Rs 872.70-Rs 846.30 with a strict stop loss of Rs 825.

Today, the shares of the company opened at Rs 892.70 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 30.37 & 30.39 respectively. The share price has seen a 52-week high of Rs 1055 and a low of Rs 274.20 on BSE.

For the three month period ended September 2009, Reliance Capital has posted a substantial fall of 32.08% in its consolidated net profit after minority interest.

The company’s consolidated net profit during the quarter stood at Rs 1,558.30 million as against Rs 2,294.20 million for the same quarter ended Sept 30, 2008.

For the quarter ended Sep. 30, the company’s total income surged 11.44% to Rs 14,663.90 million as against Rs 13,158.60 million.

During the period under review, Reliance Capital’s consolidated EPS was Rs 6.34 per share, recording a fall of 32.12% as against the same quarter of 2008.

Reliance Capital mainly concentrates on funding projects in the infrastructure segment together with leasing, investment in infrastructure division and insurance, and backs up the development of its subsidiaries.