BofA-Merrill upgrades India's Reliance Industries to 'neutral'

Last Updated: Mon, Mar 11, 2013 03:30 hrs

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 "buy" rating. (Reporting by Abhishek Vishnoi; Writing by Rafael Nam; Editing by Gopakumar Warrier)

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