Hardik Jain has suggested buy call for Reliance Industries with a target of Rs 1130. Reliance is actively looking to acquire stake in companies in energy sector overseas.

The stock closed the week at Rs 1089 on BSE, after registering a gain of Rs 15, or 1.37%. The stock touched an intraday high and low of Rs 1095 and 1070 respectively.

Reliance Industries is currently trading at a P/E multiple of 24. The stock has touched 52-week high and low of Rs 1245 and 679.

Major mutual funds holding the stock include Baroda Pioneer Growth Fund, ICICI Prudential Infra Fund, Reliance Natural Resources Fund and SBI Magnum Contra Fund.

Stock Analyst Nischal Maheshwari has rated Reliance as Neutral during recent appearance on CNBC TV-18. Maheshwari feels that Reliance is well poised for some gains over the next 1-2 months.