Morgan Stanley upgrades Reliance Industries

Source : REUTERS
Last Updated: Mon, Mar 04, 2013 05:10 hrs
A woman walks past a poster of Reliance Industries installed outside the venue of the company's annual general meeting in Mumbai

Morgan Stanley upgrades Reliance Industries ' stock to "overweight" from "underweight" and raises its target price to 961 rupees from 798 rupees.

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 also cites lagging share prices and a record low foreign portfolio ownership as reasons for the upgrade.

The bank also views Reliance's planned $5 billion capex for domestic exploration and production and its decision not to invest in 900Mhz telecom auctions as key positives.

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