Stock market analyst Rajesh Agarwal of CD Equisearch has maintained 'buy' rating on Reliance Industries Ltd (RIL) stock.
According to analyst, the investors can buy the stock only once when it crosses Rs 1080-1100 and not at current levels.
Today, the shares of the company opened at Rs 1055.20 the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 1184.74 and a low of Rs 875.50 on BSE. Current EPS and P/E ratio of the stock stood at 49.31 & 21.54 respectively.
Reliance Industries has inked a $1.15 billion JV deal with Pioneer Natural Resources.
Pioneer Natural will sell 45 percent interest in Eagle Ford Shale.
RIL will pay around $266 million in cash to Pioneer Natural and an additional $ 879 million for future drilling cost.
India's largest private refiner has also signed a joint venture with Newpek LLC for USD 210 million. The agreement is effective from June 1.
Moreover, RIL is reportedly assessing plans from foreign firms, which have the technology to establish the facilities and assessing plans from worldwide licensors to establish coke gasification and giant urea facilities in the Indian market.
RIL plans to make entry into fertilizer segment by making investment of around US$3bn by the next 4-5 years.