Karvy Stock Broking Limited has maintained ‘Buy’ rating on Reliance Petroleum Limited (RPL) stock with an intraday target of Rs 193.

According to Karvy, day traders can purchase the stock between Rs 188-190 with a strict stop loss of Rs 186. If the stock market remains on positive track, the next target for the day will be above Rs 195.

Shares of the company, on Wednesday (May 21), closed at Rs 192.90 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 10474281. The share price also touched a high of Rs 193.45 and Rs 182.05 during the day. The share price has seen a 52-week high of Rs 295 and a low of Rs 92 on BSE.

The outlook for the stock is really very strong, and it is expected to rise on the back of huge volumes.

Reliance Petroleum (RPL) is planning to establish a polypropylene unit in Kuwait.

RPL is in the process of finishing crucial surveys for the project. The company already has operations in the Gulf States to market polypropylene.

The company is making discussions with a few players to join in the polypropylene project. It is also in the process of recruiting manpower for the project.

At Jamnagar, RPL has completed 90% of work on a new refinery coming up within a SEZ. The refinery is expected to be commissioned in September 2008.

Reliance Industries (RIL) is also looking to set up a refinery project in Kuwait. RIL has also signed up a MoU with GAIL to explore opportunities for petrochemical plants outside India.

Other stocks from the same sector that looks good for short-term as well as long-term trading includes IOC, Essar Oil, MRPL, BPCL and HPCL.