RIL Q1 Advance Tax Payment

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I-T department sources said today that oil and gas major RIL has paid Rs 900 crore in the April-June, 2011 period, up nearly 50% from Rs 650 crore in the same quarter previous fiscal. A 50% rise in advance tax payment holds the hope that RIL might do better than expected result in Q1 of fiscal year 2012.

RIL has been an underperformer in last few trading sesions and has fallen to 900 levels from 950 odd levels in 4 trading sessions. RIL has strong support at 850-900 band and many brokerages have given buy rating on the stock in that band for a 1 year target of 1100.

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