In its latest research report, Abhishek Jain, stocksidea.com, said that Reliance Industries Limited (RIL), which presently stuck in a band of 2340-2353, can give good returns in the short term.

The report further stated that, if the counter is successful to breach 2476, then it will create a huge breakout.

Abhishek Jain has advised investors to hold the stock to achieve a target price above Rs 2488.

Furthermore, the firm has suggested a support level for the scrip at Rs 2201.

Shares of the company, on Friday (June 12), closed at Rs 2356.80 on the Bombay Stock Exchange (BSE). The total volume of shares traded was 1,136,864 at the BSE.

The share price has seen a 52-week high of Rs 2490 and a low of Rs 930 on BSE. Current EPS and P/E of the stock stood at 97.08 & 24.28 respectively.

Mr. Jain said that the stock is looking great to buy for short term traders as well as investors. So buy it in order to reap heavy returns.

Reliance Industries (RIL), on June 11, has raised LPG supplies to Indian Oil, Bharat Petroleum and Hindustan Petroleum from its twin refineries at Jamnagar, forcing nationalized companies to sell cooking fuel cargoes, which that they had contracted from abroad suppliers.

RIL’s production has to be necessarily sold to state-owned firms and is not permitted to export liquefied petroleum gas.

It is discovered that at the starting of the current year, RIL showed availability of 2.7 million tons of LPG from its Jamnagar refineries, but in May 2009, RIL indicated that an extra 700,000 tons was available.

On June 06, RIL bagged an agreement to supply up to 50,000 barrels of petrol daily to Iran till 2009-end. However, the firm has temporarily shut exports to the Persian Gulf nation.

In May 2009, RIL pocketed a National Iranian Oil Co (NIOC) tender in order to supply 95-octane gasoline or petrol to Iran and possibly shipped a couple of cargoes under the agreement.