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Reliance Industries received permission to fix price of the gas. Momentum Buy

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RIL received permission to fix gas price
For the momentum investors, it would be interesting to follow the stock of RIL (Reliance Industries). Except for few selected priority sectors, the government of India has decided to allow RIL the freedom to fix the price of the gas. This will have the additional benefit of rise in revenue of government's share from the KG-D6 field as a the output increases.

Priority sector includes fertilizers, power, cooking gas and LPG where as non-core sectors will include steel, petrochem, refineries and captive power. This news has brought in some momentum investors, as the RIL stock already increased by 2.37% so far.

 

The stock has been under a bearish mode over the past one month. But with this thrust, if the momentum is maintained the stock can go up to Rs 940 over the next three or four trading sessions.

OneIndia Money DISCLAIMER: OneIndia Money provides you with information covering shares, futures and options based on broker's reports as stated on various media. Investors are, however, warned that they should NOT take any buy or sell decision based on these views expressed in the article. Investors should consult their own financial and share advisors before taking purchase or sale decisions. OneIndia Money does not take any responsibility for any losses incurred by investors who take their cues from the above article.

Story first published: Thursday, May 26, 2011, 12:34 [IST]
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