Reliance Communications Ltd: Buy

CMP: Rs.54.40

The ET reported today, that Reliance Jio has now empowered the group employees, who had got the trial SIM earlier, to bring 10 more people to the 4G network through a referral invite system. 

This is the first step of Reliance Jio's soft launch and it could be the turning point for Reliance Communications too.

Moreover, RTN reported that Reliance Communications has upgraded its 4G network in 9 circles, with a data offer of 10 GB. This is likely to drive up data traffic for Reliance Communications.

Therefore, buy or average the shares of Reliance Communications at around the support of Rs.54.20-54.30, for short term Target's of Rs.59-60.