Buy for April 24 Reliance petroleum (RPL)

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Buy Reliance Petroleum ( RPL) at 198, 200, 205, stop loss 185.

Hold for 3 months and sell on the next positive news. Target price 240 in 3 months.
This stock has been steadily moving up since its IPO launch and its price movement is based on nothing but speculation. So you will definitely see an up-tick in the stock price as we get more news regarding the project completion and signing of contracts for the crude oil supplies.

Bear in mind to enter this script again before the completion in December 2008. From several other sources it has been identified that the project might be commissioned earlier than expected, so keep following stockpm for further updates.

In the recent past:

MUMBAI (Reuters) - India's Reliance Petroleum Ltd, which is building a 580,000 barrel per day (bpd) refinery, said on Wednesday it had completed 90 percent of the project by March 31.

The company said it had spent 233.19 billion rupees ($5.8 billion) on the project up to end-March, and repeated previous statements it was on course to complete the refinery ahead of its initial target of December 2008.

But it did not specify the exact date the plant would be commissioned.

Reliance Petroleum is a subsidiary of Reliance Industries Ltd, India's most-valuable listed firm, which runs a 660,000 bpd refinery next to the new project in Jamnagar in Gujarat.

Shares in Reliance Petroleum, in which Chevron Corp owns a 5 percent stake, ended 2.6 percent down at 184.85 rupees in a firm Mumbai market that closed 0.56 percent higher.

Sources: Reuters

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