Nirmal Bang, one of the leading equity research-cum-broking house, has recommended a buy on Reliance Communications (RCom) with a target between Rs 295 – Rs 315.

The report further stated that, if the counter is successful to breach 275, 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 255.

Today (July 22), the shares of the company opened at Rs 270.25 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 11.40 & 23.68 respectively. The share price has seen a 52-week high of Rs 541.40 and a low of Rs 131.35 on BSE.

Reliance Big Entertainment, the media and entertainment company of RCom, on July 16, said that it has sealed the funding for its 50:50 JV with Hollywood`s iconic director Steven Spielberg`s DreamWorks.

Upon the first closing projected soon, there will be an initial $825 million available for film production.

Reliance Communications, on July 09, has inked a deal with 3rd Space Services for advertising-funded videos on its mobile services platform.

Under the contract, the UK-based 3rd Space will supply mobile video content to RCom.

On July 03, RCom announced that its stockholders have sanctioned raising funds from institutional investors via shares sale.

RCom said that its shareowners have cleared the special decision through postal ballot, clearing the company’s directors to issue equity related securities to QIIs, through requisite majority.

The shares issuance via the QIP would be capped at such a limit, where the enhancement is not of more than 25% in the company’s issued and subscribed equity capital.