Osho Krishna says: Reliance has formed a drastic breakout, hovering at its 52-week high. A V-shape recovery on the weekly chart led to a fresh breakout in the yesterday trading session. Hold positions with a strong support at Rs 2,580 and a short-term stop loss of Rs 2580. Investors should accumulate for medium to long-term, with an immediate target of Rs 2,720. Polycab has seen a breakdown below the 200-day SMA, stay on the sidelines until consolidation or accumulate at Rs 3,600 or around Rs 4,200.
"Credible evidences recovered during the search have established that the flagship company has made unaccounted cash sales of around Rs 1,000 crore which are not recorded in the books of accounts," the CBDT claimed. Unaccounted cash payments of more than Rs 400 crore made by a distributor, on behalf of the company, towards purchases of raw materials, have also been found, the statement said.