Buy Reliance Capital
Technical analyst Rajat K Bose has suggested investors to buy Rel Capital for intraday trading.
Currently, the stock is hovering around Rs 2345, and it is good for investors to purchase the stock at Rs 2,339, if the stock falls, otherwise grasp it between Rs2,342-2,344, to achieve an intraday target of Rs 2428.
The maximum target for the day is Rs 2478, and the investors have a stop loss below Rs 2275.
Leading credit rating agency, ICRA has assigned an A1+ rating to Reliance Capital`s (RCL) Rs 15 billion short-term debt (STD) for IPO financing Series I. The rating of A1+ is the highest-credit-quality rating assigned by ICRA to short-term debt instruments. This rating for the IPO financing is valid till Dec. 31, 2007.
RCL also has an A1+ rating for its Rs 60 billion short-term debt programme. The highest safety rating in the short-term takes into account RCL`s parentage (Reliance - ADA group), strong capitalisation post the equity infusion in the past 12-18 months and the current comfortable liquidity profile of the company.
The rating also factors in the group`s focus on the financial services domain and its stated intentions to become the largest NBFC in the country in the medium term.