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Morgan Stanley upgrades RIL

Firm's operating environment improving across core businesses and it should spur renewed earnings upgrade cycle

Reuters Mumbai
Last Updated : Mar 04 2013 | 9:44 PM IST
Shares in Reliance Industries gained 0.2% after Morgan Stanley upgraded the stock to "overweight" from "underweight" and raises its target price to Rs 961 from Rs 798.

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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First Published: Mar 04 2013 | 10:02 AM IST

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