Morgan Stanley upgrades RIL to 'overweight'
Shares in Reliance Industries gained 0.2 per cent after Morgan Stanley upgraded the stock to 'overweight' from 'underweight' and raised its target price to Rs. 961 apiece from Rs. 798 earlier.
Mumbai: Shares in Reliance Industries gained 0.2 per cent after Morgan Stanley upgraded the stock to "overweight" from "underweight" and raised its target price to Rs. 961 apiece from Rs. 798 earlier.
Reliance's operating environment is improving across its core businesses, the investment bank says, adding it should spur a renewed earnings upgrade cycle.
Morgan Stanley cited lagging share prices and a record low foreign portfolio ownership as reasons for the upgrade.
Reliance's planned $5 billion capex for domestic exploration and production and its decision not to invest in 900Mhz telecom auctions are key positives behind the upgrade.
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Morgan Stanley and HSBC each cut their India's economic growth forecasts for 2013/14 to 6.0 percent from 6.2 percent to reflect lower-than-expected growth in the October-December quarter.
Morgan Stanley has upgraded Reliance Industries as an 'equal-weight' stock in spite of trading at multi-year lows. The bank states that valuations are attractive.