Buy Reliance Industries from a two year perspective: Rajen Shah

Rajen Shah, Chief Investment Officer, Angel Broking in an interview with ET Now talks about Reliance Industries.

If I use your contra theory would you like to apply your contra theory for Reliance as well? Is Reliance a good buy at these levels?

In fact I have never been bullish on Reliance for the past five years but about two weeks back on this very channel I had given a strong buy call at about 845 levels. I am very hopeful that things will improve going forward, its investment into shale gas will start contributing meaningfully to the bottom line 2014 onwards.

The technological tie up with BP will also help it recover maximum possible resources from its oil and gas blocks and 66,000 crore cash on the balance sheet, is going to expand aggressively in the retail. It is a $500 billion market actually by 2015 and the current revenue of Reliance Retail is little above $1 billion. So it is a huge opportunity and it is a long term play, two year call, it is not a three month call but in two years yes I certainly do look at Reliance at about 1200 levels or so.