Karvy Stock Broking Limited has maintained ‘buy’ rating on Reliance Industries Ltd (RIL) stock with an intraday target of Rs 1250.

According to Karvy, interested traders can purchase the stock between Rs 1185-1190 with a strict stop loss of Rs 1160. If the stock market remains on positive track, the stock pricing becomes more attractive, and reach above Rs 1258.
 
Shares of the company, on Wednesday (Dec 10), closed at Rs 1227.20 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 3322490. Current EPS & P/E ratio stood at 128.50 and 9.60 respectively. The share price has seen a 52-week high of Rs 3252.10 and a low of Rs 930 on BSE.

The stock has great potential to rise on account of robust development plans and tough operating capabilities.

In order to lessen cost, Mukesh Ambani led- Reliance Industries’s retail division, Reliance Retail (RRL) has decided to cut 600 jobs in support service function.

On Dec 05, Reliance Industries said that the company is in search of 2 patents related to the textile industry.

With the intention to get a process patent to make thermoplastic polyester Reliance Industries, which is engaged in the textile business apart from petroleum, approached the Controller General of Patents, Designs and Trade Marks (CGPDTM).

On the same day, the administration asked RIL to sell gas from the Krishna Godavari basin, off the Indian east coast, to companies at $4.2 per unit exclusive of transportation costs plus taxes.

The Cabinet urged RIL to supply natural gas from the company’s eastern offshore D6 fields to the hassled Dabhol power plant, a segment that gets top preference for gas allocation along with fertilizer units.

Moreover, the company has signed up a contract with 3 power companies of Rajasthan- Jaipur Discom, Ajmer Discom and Jodhpur Discom to sell solar energy.

RIL is establishing a 5 mega watts (MW) solar power generation plant at the Khimsar village in Nagaur district.

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