Oil and gas is more or less the cash cow for Reliance Industries Ltd (RIL) but the growth will be driven by Jio and the retail which the company is pushing on, said Nischal Maheshwari, CEO-Institutional Equities & Advisory, Centrum Broking.

The results of RIL were in-line, but people did get worried about the continued capital expenditure, Maheshwari said. However, he said that Jio is creating enough wealth for Reliance.

“Capex seems to be a bit on the higher side and seems to be a bit worrying on the market, but I believe every correction one should be accumulating Reliance,” he added.

On nonbanking financial companies (NBFC) and real estate sector, Maheshwari said, “If you look at the market in the real estate, it has been fairly weak for the last 3-4 years. I do not see the prices elevated as far as real estate is concerned and they will fall very dramatically from here.”

Maheshwari said most of the NBFCs are hitting value zone and should be looked at.

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First Published:Oct 19, 2018 3:39 PM IST