In its latest research report, Abhishek Jain, stocksidea. com, said that Reliance Communications, which has been consolidating between Rs 305-320 level, can give good returns in the short term.

The report further stated that, if the counter is successful to breach Rs 348 levels, then it will create a huge breakout.

Abhishek Jain has advised investors to hold the stock to achieve a target price above Rs 368.

Furthermore, the firm has suggested a support level for the scrip at Rs 278.

Today (Sep 22), the shares of the company opened at Rs 307 on the Bombay Stock Exchange (BSE). Current EPS and P/E of the stock stood at 11.51 & 26.52 respectively. The share price has seen a 52-week high of Rs 2490 and a low of Rs 930 on BSE.

Mr. Jain also said that the stock is looking strong technically. Indicators are also showing good up move for next few days. Traders can buy cash and future for short term.

The struggling Dabhol power facility will start purchasing natural gas from RIL by the coming month in order to slash electricity generation rate at India's biggest gas-fired division.

RGPPL was firstly apportioned 2.7 mmscmd of gas for April to Sep period but the company had not draw even a single entity as it had a running bond with Petronet LNG Ltd in order to purchase imported LNG.

Reliance Industries (RIL) on Sep 17 announced that its Petroleum Trust has lifted up funds worth Rs 31.88 billion by selling 15 million company's equity shares to Rel Ind Investments and Holdings, an individual beneficiary of the Trust. RCom on Sep 16 rolled out a cell phone number series beginning with 8 rather than the usual 9.

The newly announced series will be available for both pre-paid and post-paid R-Com's GSM subscribers.

Starting with Delhi, the company will later announce the series in other cities. Subsisting clients can also get a number under the new series with their current connection.