Mon, 04 Mar 2013 10:43:12 GMT | By Reuters

Morgan Stanley upgrades Reliance Industries

Morgan Stanley also cited lagging share prices and a record low foreign portfolio ownership as reasons for the upgrade


Morgan Stanley upgrades Reliance Industries (© Reuters)

Shares in Reliance Industries gained 0.2 percent after Morgan Stanley upgraded the stock to "overweight" from "underweight" and raised its target price to 961 rupees from 798 rupees.

Reliance's operating environment is improving across its core businesses, the investment bank said, adding it should spur a renewed earnings upgrade cycle.

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

The bank also viewed 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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