India’s largest company by market cap, Reliance Industries Ltd. (RIL) has announced its Q3 results today, reporting net profit up 28.14% at Rs.5136 crore against Rs.4008 crore previous quarter. Net sales were up 5.15% at Rs.59,789 crore against Rs.56.856 crore. Its cash profit was found to be at Rs.8,695 crore and GRM now stands at US $9 per barrel against US $5.9 per barrel previous year.
However these numbers came in line to the market’s expectations.
Our view on Reliance stock: After a lot of consolidation on stock, we are now expecting a positive breakout and reliance is more likely to outperform other blue chip stocks. If we talk about levels on reliance i think breakout is possible only above 1011 level, so one can add this stock to his portfolio for long term target of 1317 and 1402 level stop loss is not required as this trade will be entered only after the breakout of 1011 level.