Nirmal Bang, one of the leading equity research-cum-broking house, has recommended a buy call on Reliance Industries with a short term target between Rs 2440-2550.

In latest research report, the firm said that Reliance Industries, which has been consolidating in the range of 2160-2330, is clearly a buy, so investors can accumulate the stock on dips.

In addition, the firm has suggested a support level for the scrip at Rs 2260.

Today (June 15), the shares of the company opened at Rs 2328.70 on BSE. Current EPS & P/E ratio stood at 97.08 and 22.84 respectively. The share price has seen a 52-week high of Rs 2490 and a low of Rs 930 on BSE.

Reliance Industries (RIL), on June 11, has increased LPG supplies to Indian Oil, Bharat Petroleum and Hindustan Petroleum from its double refineries at Jamnagar, pulling nationalized companies to sell cooking fuel cargoes, which that they had contracted from abroad suppliers.

RIL’s production has to be necessarily sold to state-owned firms and is not permitted to export liquefied petroleum gas.

It is discovered that at the starting of the current year, 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.