In its latest research report, Nirmal Bang, an equity research firm said that Reliance Industries, which has been consolidating between Rs 1965-1980 level, can give good returns in the short term.

The report further stated that, if the counter is successful to breach Rs 1990 levels, then it will create a huge breakout.

Nirmal Bang has advised investors to hold the stock to achieve a target price above Rs 2100.

The shares of the company on Tuesday (Sep 01) closed at Rs 1964.95 on the Bombay Stock Exchange (BSE). Current EPS and P/E of the stock stood at 94.07 & 20.99 respectively. The share price has seen a 52-week high of Rs 2490 and a low of Rs 930 on BSE.

Reliance Industries Limited is eyeing to make entry in the international pipeline construction business with a bid for establishing Rs 30 billion worth of oil and gas pipeline in Mexico.

RIL will be looking for opportunities overseas, as its pipeline section itself has the size of a mid-cap company.

Mexico’s public sector oil company, Petroleos Mexicanos, had recently declared that it would take bids from global companies to set up a $600 million, 230 km, natural gas pipeline in order to raise transmission capacities in the country’s central and western parts.

Government on Sep 01 lodged an application in Supreme Court regarding the Ambani gas clash, saying it wants to spell out that its prayer was not for adjudging any private family accord unacceptable and void.

Looking for authorization to adjust its special leave appeal filed in July 2009, the administration asked SC to reserve only the Bombay High Court decision, which relates to the explanation of its gas utilization strategy and provisions of the Production Sharing Contract.

The SC has fixed October 20 as the date for initiation of final hearing on the gas dispute.