Karvy Stock Broking Limited has maintained ‘Buy’ rating on Reliance Indistries Limited (RIL) stock with an intraday target of Rs 2200.

According to Karvy, day traders can purchase the stock between Rs 2100-2120 with a strict stop loss of Rs 2080. If the stock market remains on positive track, the next target for the day will be above Rs 2202.

Shares of the company, on Wednesday (June 25), closed at Rs 2135.35, up Rs 69.15, on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 1317402. Current EPS and P/E stood at 131.34 and 16.68 respectively. The share price has seen a 52-week high of Rs 3252.10 and a low of Rs 1680 on BSE.

The outlook for the stock is really very strong, and it is expected to rise on the back of huge volumes.

The Maharashtra state government has decided to build up the Rs 60 billion Nhava-Sewri sea link project on its own, rejecting the bids placed by Mukesh Ambani-led RIL.

The government has already rejected the bid of Anil Ambani`s Reliance Infra previously.

The state government decided to form a state-owned special purpose vehicle to construct the 22-km-long sea link.

Reliance Industries (RIL), USA has decided to invest USD 215 million and create over 200 new jobs at a newly acquired polyester plant in the US. The company has acquired a polyester manufacturing facility in North Carolina for about USD 12.2 million from Unifi Kinston.

Unifi Kinston has entered into a asset purchase agreement with Reliance Industries USA which provides for the sale of all remaining assets and structures, located at the Unifi Kinston`s polyester manufacturing facility.

RIL’s Hazira manufacturing division has won the `Golden Peacock Award for Combating Climate Change – 2008` (GPACCC). Hazira won this acclaim for having made the most significant achievement and contribution to protect the health of the planet.

Moreover, Reliance Industries (RIL) plans to set up its first North American plant in North Carolina with investment of USD 215 million. The new plant will generate more than 200 jobs over the next five years. Reliance Industries USA makes resin which is used for manufacturing plastic containers and specialty polyester yarns.

Reliance Industries plans to acquire a 6-7% stake in Jet Airways, in order to be associated with the domestic carrier`s USD 10-15 million proposed cargo airline.

Other stocks from the same sector that looks good for short-term trading includes Larsen, Grasim, Voltas and Century.