Nirmal Bang, one of the leading equity research-cum-broking house, is of the view that investors can buy Reliance Industries with a target price of Rs 2285-2320.

The company is presently trading around Rs 2145 level.

According to experts at Nirmal Bang, the stock may face some resistance around Rs 2195 levels, but after that it can even have more upward movement.

Today (June 16), the shares of the company opened at Rs 2144 on BSE. Current EPS & P/E ratio stood at 97.08 and 22.12 respectively. The share price has seen a 52-week high of Rs 2490 and a low of Rs 930 on BSE.

Apart from Nirmal Bang, Angel Broking has maintained its purchase rating on RIL after the company lost its case in the Bombay High Court against Reliance Natural Resources. The firm has revised its target on RIL to Rs 2375 a share.

The Bombay High Court on Monday ordered RIL to sell gas at a sharply reduced price to an Anil Ambani group company, causing some doubtfulness in the country’s promising natural gas business, and delivering a sharp blow to the valuations of RIL, the country’s biggest private sector firm by market value.

RIL, on June 11, said that it has raised LPG supplies to Indian Oil, Bharat Petroleum and Hindustan Petroleum from its double refineries at Jamnagar, pulling state-owned companies to sell cooking fuel cargoes that they had contracted from overseas suppliers.

It is learnt that during the opening of 2009, RIL showed availability of 2.7 million tons of LPG from its Jamnagar refineries, but in May 2009, RIL indicated that an extra 700,000 tons was available.

RIL, on June 06, pocketed a deal to supply around 50,000 barrels of petrol daily to Iran till 2009-end. However, the firm has temporarily shut exports to the Persian Gulf nation.

RIL, during May 2009, bagged a National Iranian Oil Co (NIOC) tender in order to supply 95-octane gasoline or petrol to Iran and possibly shipped a couple of cargoes under the agreement.