MUMBAI, March 11 (Reuters) - Bank of America-Merrill Lynch
upgraded India's Reliance Industries Ltd to "neutral"
from "underperform", citing increasing evidence of an improving
refining outlook and an expected earnings growth recovery.
However, the investment bank said stronger gross refining
margins and a re-rating of Reliance's exploration and production
would be needed before the stock would merit an upgrade to a
(Reporting by Abhishek Vishnoi; Writing by Rafael Nam; Editing
by Gopakumar Warrier)