Hold Reliance Industries (RIL) for a target of Rs 1150 says AnandRathi Securities

HOLD RELIANCE INDUSTRIES (RIL)

Anand Rathi Securities in its recent research report dated May 24, 2010 has recommended a hold rating on the stock Reliance Industries Limited (RIL) with a price target of Rs 1150.

Anand Rathi Securities also goes on in the report to say “RIL and ADA group companies have signed and approved an agreement canceling all existing non-compete arrangements entered into between them in Jan ’06 pursuant to the reorganization of the Reliance group.

They have now entered into a new non-compete agreement with respect to only gas-based power generation for the period extending until Mar ’22.”

“Hold. At our target price of Rs 1,150, RIL offers 15% upside to current market price.”