Nirmal Bang, one of the leading equity research-cum-broking house, has recommended a buy on Reliance Natural Resources Ltd (RNRL) with a target between Rs 91 - Rs 97.

The report further stated that, if the counter is successful to breach 90, then it will create a huge breakout.

Interested investors can buy the stock on dips and hold.

In addition, the firm has suggested a support level for the scrip at Rs 72.

Today (July 16), the shares of the company opened at Rs 81 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 0.43 and 189.53 respectively. The share price has seen a 52-week high of Rs 112 and a low of Rs 34.70 on BSE.

According to reports, senior executives of RIL and R-Adag have been making regular trips to the capital in the run-up to a 20 July hearing in SC of a gas argument between the two, to meet government representatives and journalists, and present their case.

Reliance Industries and Reliance Natural Resources Ltd (RNRL), part of R-Adag have been fighting a legal fight over the supply of gas from the former's D6 block in the Krishna-Godavari (KG) basin, off India's east coast, to the latter's still-on-paper power plant at Dadri in Uttar Pradesh.

On July 14, Reliance Natural Resources (RNRL), said that it will follow the utilization plan while selling the gas to third party clients.

RNRL has alleged that its Dadri power facility has not turned up as RIL broke down to sign the gas agreement in time.

RNRL now wishes to sell the apportioned gas to fertilizer and power plants till such time as it is ready to consume the gas for its own plant.