Key Points
But if I were to look at it as a long-term holder, this is a reasonably good level to enter Reliance where the stock delivering the return of 15% over the next 12 months seems extremely likely," says Naveen Kulkarni, CIO, Axis Securities ..
With the correction that we have seen in the equity markets, midcaps and smallcaps have become attractive but the only thing that we have to bear in mind is that we focus on quality because this is a market where we can buy quality without paying a premium..
There is absolutely no doubt that private sector banks' balance sheets have shown a very strong quality in the last 10 years..
Most of the private sector banks are delivering a good double-digit ROE and that is the kind of returns that one can expect over the next two to three years...
When the stock was in the range of around Rs 2400-2500, I used to see that the upside is not very high from current levels but I see that the fair value for Reliance should be in the range of Rs 2,600 odd considering that the retail business is valued at close to Rs 800-900, then there is Jio and then the petchem or the OTC business which is doing quite well in the current scenario as GRMs are holding up...
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