Bullish on Reliance Industries; gas price hike to extend gains, says Mehraboon Irani

In an interaction with ET Now, Mehraboon Irani, Nirmal Bang Securities, shares his stock recommendations on Reliance Industries and ONGC.

ET Now: What is the call on Reliance Industries now, do you have new target on the stock?

Mehraboon Irani: I am very bullish on Reliance Industries. I have been underweight on Reliance for a very long time. Despite being underweight, we are advising investors to hold on.

Somewhere the time for Reliance is coming and the gas price hike which has been announced is going to be a big positive for Reliance Industries.

On paper, it is a very positive for Oil India and ONGC also but considering Reliance is the only private sector player in term of stock price appreciation, in terms of performance, profit and loss account, it is going to be much better. As far as PSU companies are concerned, to compensate the power and fertiliser sector which the FM said he will do something to compensate them for the increase in gas prices, everything is not going to be left on the table for ONGC and Oil India, something is going to be taken off.

So Oil India Ltd, ONGC and Reliance are the biggest beneficiaries but I would like to give my vote for Reliance Industries. It is a great stock which could gallop in the months to come.