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Reliance Industries continues to be failing to impress its shareholders

October 12th, 2010

The news of Indian stock markets hitting new highs has become a common-word in the past two months or so. Though the markets are cooling off a little by way of profit booking was pretty visible, the overall sentiment in the minds of trades as well as investors is positive. Almost all sectors and stocks have witness fast move towards higher share price levels except for very few stocks. The big boy Reliance Industries is one such script.

Reliance Industries visibly did not participate in the recent market rally as visible other top heavy weights. Though the share has many a times has indeed given support to the markets, it didn’t contribute solely on its own. Needless to so many analysts and brokerage houses have been giving mixed view on the script.

IIFL, in its report dated October 11, 2010 has given a Buy call with a target of Rs. 1098 based on technical observations.

Kotak Institutional Equities, for a long time, has given a Reduce call on the script. In its latest report on the script, also released on October 11, 2010, KIE has said that it failed to understand the accounting on the sale of the treasury sale and hoped to see a clarity on this part from the management of RIL. It also sees a downside risk to the earnings from taxation-related issues. KIE has given a target of Rs. 1015 to the script.

Meanwhile, Reliance Industries continued one of the top favorite scripts that Mutual Funds wish to hold.

Entry Filed under: Equity Markets, Oil & Petro Chemicals