Karvy Stock Broking Limited has maintained ‘Buy’ rating on Reliance Industries stock to achieve a target of Rs 1200-1220 within 1-2 days.

According to Karvy, day traders can buy the stock below Rs 1150 with a stop loss of Rs 1125.

Shares of the company, on Monday (Mar 09), closed at Rs 1153.85 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 99.41 and 11.92 respectively. The share price has seen a 52-week high of Rs 2706 and a low of Rs 930 on BSE.

Reliance Industries (RIL), on March 11, has settled the majority of the issues with fertilizer companies who were waiting to get natural gas supplies from the Mukesh Ambani-run company`s KG-D6 fields. The company is expected to sign gas supply deals later this month.

In the revised Gas Sales and Purchase Agreement that is being sent to 9 fertilizer plants this week RIL has provided liberal take-or-pay terms for possible signing together with Gas Transportation Agreement this month.

Mukesh Ambani led Reliance Industries (RIL), on March 06, sold its first non-oxygenated gasoline cargo, a rating acceptable to nations including Australia and US, from its new refinery for end-March loading.

Reliance Retail, part of Reliance Industries, is giving a big push to its non-veg retail chain, Delight, by rolling out 1,000 new stores by 2011.

The motive behind the company`s step to launch new stores is that non-veg products deliver margins upwards of 20%, as against  10-15% margins in food and grocery retailing.

RIL will buy US energy major Chevron Corp’s stake in Reliance Petroleum (RPL) as a precursor to merging the refinery unit with itself.

RIL will buy 225 million equity shares or 5% of RPL`s equity from Chevron.

This will raise its stake in the company to 75.38%. The board of the company will meet on March 02 to consider buying the rest.

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