Expect potential bounce up in the stock of Reliance Industries: Ambit Capital

In an interview with ET Now, Saurabh Mukherjea, CEO, Institutional Equities, Ambit Capital, shares his views on Reliance Industries. Excerpt:

ET Now: The top newsmaker in Friday’s session is the oil and gas space and Reliance Industries. Do you think the news could propel it higher?

Saurabh Mukherjea: Given how long we have discussed KG D6 and that some resolution of the impasse around the gas price -- it looks like $8.4 is now going through -- it is a good news not just for the company, but for the country as a whole.

There is a potential bounce up in the stock. However, we have been sellers in RIL for the last couple of years and we stay sellers there. KG D6 is a very small part of RIL's valuations and the petrochemical business is where the growth challenge really lies.